Originally published on: November 07, 2024
Ethereum, one of the leading cryptocurrencies, has been surging in value, reaching a 13-week high of $2,880 recently. As the price rally continues, an Ethereum investor who has been holding over 11,000 ETH since 2016 decided to cash in on massive gains, turning an initial investment of $38,000 into a staggering $30 million.
In 2016, when Ether was trading between $2.1 and $6.6 per token, this savvy investor acquired 11,005 ETH at an average price of $3.46 per token on ShapeShift. Fast forward eight years later, on November 7, the investor decided to move the tokens when the price hit $2,777, resulting in a profit of over $30 million, signaling an 800-fold increase from the initial investment.
Had the investor sold their ETH holdings at the peak of the 2021 bull run or in May this year, the profits could have been even higher, exceeding $52.8 million and $44 million, respectively. This move by whales and institutions often coincides with increased exchange inflows, as seen in the recent spike in ETH held on exchanges.
Despite concerns about potential profit-taking and rising exchange reserves, optimistic factors such as the anticipation of an Ethereum ETF and positive price trends suggest that Ether’s bullish breakout is imminent. Analysts predict a breakout above the rising wedge formation, with price targets set at $4,000 in the near future.
As Ethereum continues to make waves in the crypto market, investors are advised to exercise caution and conduct thorough research before making any investment decisions. Stay informed and subscribe to our newsletter for more insights on market trends and opportunities.
