Ethereum’s price rally this week has significantly boosted market sentiment, with the percentage of addresses “in the money” soaring from 59% to 69%. Additionally, more than 80% of ETH trading volume is now in profit, signaling strong buying support at crucial price levels. ETHs rally this week quickly pushed the […]

Ethereum Rally Spurs Profit Surge As Ancient Whale Cashes Out Millions

Ethereums price rally this week has significantly boosted market sentiment, with the percentage of addresses in the money soaring from 59% to 69%.

Additionally, more than 80% of ETH trading volume is now in profit, signaling strong buying support at crucial price levels.

This surge in profitability is accompanied by a rise in Ethereum network activity, as total fees reached their highest levels since early June 2024.

An ancient Ethereum whale, inactive for four months, resurfaced to cash in on the rally. The whale, who originally acquired 21,632 ETH from ShapeShift and Poloniex back in 2016 at a price of just $7.07 per ETH, sold another 12,979 ETH this week for $34.3 million.

This sale follows the whales previous liquidation of 15,879 ETH since May, netting a total of $43.5 million at an average price of $2,739 per ETH. The whale now holds 5,760 ETH, valued at approximately $15.5 million. In total, the whales estimated profit stands at a staggering $58.84 millionan incredible 141x return on their initial investment.

Ethereum ETFs Market Recorded Notable Net Inflow Of $58 Million 

In parallel, Ethereum saw substantial inflows in the ETF market. On September 27, the total net inflow of Ethereum spot ETFs reached $58.65 million. Grayscales ETF, ETHE, experienced a $10.72 million outflow, while Fidelitys ETF, FETH, recorded a significant $42.54 million inflow. BlackRocks ETHA also saw a $11.46 million inflow, highlighting institutional interest in Ethereum.

As Ethereums price continues to rise, both retail and institutional investors are seizing the opportunity, signaling strong market confidence in the cryptocurrencys future trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: stevanovicigor/123RF // Image Effects by Colorcinch