A large Ethereum holder has made strategic moves this week, signalling a bullish outlook on the price of the cryptocurrency.
According to Lookonchain, an on-chain data provider, an Ethereum address known as ‘Whale’ executed a withdrawal of 8,698 ETH, worth $15.94 millions from Binance.
Prior to this, the whale had deposited 31.8 million USDT to Binance, indicating an intention to leverage the funds to purchase ETH.
Data from Lookonchain further highlights the remarkable trading prowess of the Ethereum Whale, as they have successfully executed profitable trades on eight occasions since February.
This impressive track record boasts an 87.5% win rate, accumulating gains of $13 million. In the crypto world, large ‘whale’ holders can significantly impact market prices.
Its recent transaction includes a deposit on 24,495 ETH worth $45 million into Binance on November 2.
Notably, the crypto market responded positively to the whale’s recent purchase, with ETH surging by 2.64% in the just 24hrs, reaching a trading price of $1,830 at the time of writing.
This move comes amid a volatile weed as the current crypto rally expanded beyond Bitcoin, encompassing alternative cryptocurrencies, causing Ethereum fess to climb 30% over the week.