Ethereum Price Surge Forces Whale to Dump 2,000 ETH Tokens, Realizes $2.59 Million Loss

Amid the rejuvenated bullishness in the cryptocurrency market, Ethereum (ETH) is on the spotlight due to a significant whale’s activity noted today.

According to data reported today by market analyst Onchain Lens, a whale has deposited massive amounts of ETH tokens into digital asset trading platform HitBTC, experiencing a loss of significant millions. The trade attracted substantial scrutiny on Ether’s future.

Whale Dumps $8.63 Million of ETH

As reported by the data, the whale who has been dormant over the past four year, today deposited 2,000 ETH worth $6.04 million into the cryptocurrency exchange HitBTC, facing a loss of $2.59 million.

Initially, the whale acquired the ETH tokens for $8.63 million from Genesis Trading OTC, as per the data.

It appears the whale, who has been holding the ETH tokens over the past four years, has lost his patient in his Ether investments.

With recent ETH price rises, the whale is likely to place these tokens on sale, seeing this as a perfect sell opportunity.

It is not known what pushed the investor to deposit his assets at a loss. But with a little patience and right market timing, he could have earned huge profits out of his holdings.

ETH Touches Crucial $3000 Price Level

Ether is embracing an uptrend movement recently. Its price has been up 17.9%, 22.35%, and 9% over the past seven days, two weeks, and one month, respectively.

Today, the asset’s price is hovering at $3,007.48, up 8.1% over the past 24 hours. During the same period, the token’s trading volume surged by 57.50% indicating heavy participation from traders and investors in the market.

After months of sideways price movement, the asset has managed to touch the $3k mark today. This significant surge shows that the token continues to gain traction among users, backed by rising bullishness on ETFs, shrinking circulating supply, and significant network upgrades recently implemented.

Multiple crypto assets are currently displaying robust bullish signals in their respective price charts. Today, ETH crossed the 3k level while prominent assets like BTC and HYPE reached new ATHs of $118,404 and $46.05, respectively.

Market analysts believe that the latest price movements would trigger surges in other altcoins as well. It is an indicator that time has come for Ethereum to push its value towards its previous ATH of $4,800.