An Ethereum (ETH) whale, identified by wallet address 0x7a9, has accumulated over $100 million in unrealized gains following a recent bullish rally in the cryptocurrency’s price. According to data analytics firm Spot On Chain, this significant profit margin emerged after the whale executed a series of substantial purchases totaling 173,859 ETH across major platforms Binance and 1inch.
An Ethereum (ETH) whale, identified by wallet address 0x7a9, has accumulated over $100 million in unrealized gains following a recent bullish rally in the cryptocurrency’s price. According to data analytics firm Spot On Chain, this significant profit margin emerged after the whale executed a series of substantial purchases totaling 173,859 ETH across major platforms Binance and 1inch.
The acquisition, carried out between February 9 and 24, involved an initial outlay of approximately $496 million, equivalent to an average purchase price of around $2,853 per ETH. The timing of these acquisitions appears to have been meticulously planned, coinciding with a sharp 41.5% rise in the value of Ethereum over the past 20 days. As a result, the value of the whale’s Ethereum holdings has risen to an estimated $601 million, reflecting a $105 million profit from the initial investment.
Major Ethereum Accumulation Trend
The current situation of the Ethereum market bullish trend it is not solely within the purview of individual whales. Recent reports indicate a growing trend among large-scale investors, who have been accumulating ETH in recent weeks. Among them is high-profile cryptocurrency figure Justin Sun, known for his investments.
According to transaction data provided by Lookonchain, a wallet suspected to belong to Sun had a notable impact. buys of 13,780 ETH, valued at approximately $41.24 million, from Binance last week. Throughout February, this wallet would have accumulated a total of 168,369 ETH, equivalent to almost $487 million, at an average purchase price of $2,894.
This windfall comes amid a broader rally in the Ethereum market, with the current price per ETH standing at $3,456. This represents an increase of 3.45% in the last 24 hours, accompanied by a significant increase in trading volume, which has skyrocketed 84.38% to reach $36.88 billion.
The actions of these prominent investors underscore the growing confidence in Ethereum’s market prospects and reflect the broader enthusiasm within the cryptocurrency community. As more whales continue to accumulate substantial positions, market watchers are closely watching Ethereum’s price movements for signs of future trends.
