An Ethereum address that had been dormant for six years suddenly came back to life and transferred 1,039 ETH (worth around $2.7 million) to cryptocurrency exchange Binance. The whale likely purchased the Ethereum holdings for an average price of $363.
If he chooses to sell at current market prices, he will make a staggering profit of over $2.3 million, a return on investment of more than seven times his initial outlay.
However, when we examine the data, we see that the price of an ounce of gold in the same period was approximately $1,250 in dollar terms. Today, the dollar is traded at a price of approximately $2,500. In other words, if the Ethereum whale in question had bought gold in the same period instead of buying ETH, he would have made double the profit.
At the time of writing, ETH is trading at $2,610. At its peak in the last cycle, it had reached over $4,000.
Additionally, Wintermute, a leading crypto market maker, also deposited a significant amount of ETH to Binance in the past 24 hours, bringing their total deposit to 16,901 ETH (approximately $44.79 million).
*This is not investment advice.