Hold onto your hats, folks, because the crypto seas are stirring! In a jaw-dropping move, an Ethereum whale who’s been napping for over eight years suddenly woke up and started making waves. Picture this: the crypto giant, sitting on a whopping $1.14 billion in Ethereum, decided it was time to shake things up.
In just six hours, this elusive whale offloaded 13,400 ETH, pocketing a cool $37.38 million. That’s some serious crypto action, and it all happened while Ethereum was riding high on a market-wide rally, leaving everyone wondering, “What’s next?”
Here's the backstory: this whale started its Ethereum treasure hunt back in January 2016, buying up ETH from ShapeShift, the Colorado-based crypto exchange founded by Erik Voorhees. The average price back then? A mere $3.5 per ETH! Fast forward to August 2016, this crypto juggernaut shifted all its ETH to a new set of 28 wallets, keeping everyone guessing about its next move.
Now, just as the dust is settling from the US presidential election, this whale is making headlines again. Ethereum's price has been on a tear, surging over 8% in the last 24 hours, even outpacing the big guns like Bitcoin and Solana. At the latest check, ETH is trading at around $2,818, and some experts are whispering about a “monster rally” on the horizon.
Crypto sage Byzantine General is sounding the horns, suggesting we might be on the brink of a historic short squeeze. What's that, you ask? It's when traders who've bet against ETH are forced to scramble and buy back their positions as the price climbs, potentially sending ETH's price skyrocketing. If Byzantine General's hunch is right, we might witness one of the most epic short squeezes in Ethereum’s saga.
And in the wake of Donald Trump's stunning election win, Ethereum ETFs in the US are seeing a gold rush of sorts. On November 6, these funds raked in $52.9 million in net inflows, the most in six weeks! Leading the charge was Fidelity’s Ethereum Fund with $26.9 million, followed by Grayscale's Ethereum Mini Trust with $25.4 million. Meanwhile, other players like BlackRock’s iShares Ethereum Trust are still waiting for their slice of the action.
So, buckle up, crypto enthusiasts! With whales on the move and Ethereum simmering with potential, the next chapter in this crypto adventure promises to be nothing short of thrilling.
