An ethereum trader that recently made a $4.49 million profit by trading ETH on the Binance exchange has just transferred 3,000 ETH to the exchange again.
Ether trader moves value
The global cryptocurrency markets have seen a resurgence in recent weeks, overcoming the widespread FUD triggered by the U.S. SEC’s enforcement actions against several market participants.
Ethereum (ETH), the world’s second-largest cryptocurrency, has also witnessed strong bullish momentum this week, hitting a high of over $1,976 on July 3.
However, despite the strong charge of the bulls so far, on-chain data released by Spot on Chain shows an ETH trader, who had previously earned a profit of over $4 million by correctly catching the token’s previous dump-pump cycles, may be anticipating an imminent ether price crash.
Per a Twitter thread by the researchers, the trader has transferred 3000 ETH (worth around $5.87 million at the time) to Binance. The whale previously accumulated ETH during the Nov 2022 and Jun. 2023 lows at an average purchase price of $1,218.
— Spot On Chain (@spotonchain) July 4, 2023? A $ETH smart trader moved 3K $ETH ($5.87M) to #Binance 3hrs ago.
– Earned $4.49M (ROI: 46.07%) by trading $ETH on #Binance so far
– Managed to catch 2 out of 3 biggest dump-pump cycles since Nov 2022
Why took profit now? Is the dump coming? ?
Trading history ?? pic.twitter.com/BkAgc6eD9s
At press time, the global crypto market capitalization stands at around $1.22 trillion, representing a 0.83% increase in the last 24 hours, according to CoinMarketCap.
Ether (ETH) is exchanging hands for $1,960, representing a decent 4.2% increase on the weekly timeframe. ETH has a 24-hour trading volume of $7,638,161,476, with a market cap of $235,672,969,963, according to data available on CoinGecko.