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A whale investor who has been holding Ethereum (ETH) for nearly a year has made a notable transfer, indicating a potential shift in sentiment.
According to data shared by on-chain analytics platform Lookonchain, a whale who had been loyal to Ethereum for the past year has begun selling their holdings.
Last year, when the price was around $1,890, this whale purchased 12,906 Ethereum worth $24.3 million through Binance and deposited it into the DeFi platform Lido Finance. This allowed them to benefit from both Ethereum’s price appreciation and passive income opportunities for a year.
On April 30th, the whale withdrew 7,000 Ethereum from their Lido Finance holdings. Then, on May 6th, they deposited 7,000 Ethereum worth $22 million on the cryptocurrency exchange Binance. The investor’s current profit is over $16 million.
According to CoinGecko data, Ethereum has risen by 2% in the past 24 hours and is currently trading at $3,197 at the time of writing.