A significant move was recently made on the Ethereum network as a whale withdrew 10,000 ETH, valued at $31.91 million, from the Bitget exchange. This transfer was spotted by on-chain analytics platform Lookonchain, marking a notable shift in the whale’s strategy. The funds were moved into a private wallet, signaling a long-term hold strategy despite Ethereum’s recent volatility.
Whale’s Move Reflects Growing Confidence in Ethereum’s Future
Following the withdrawal, the whale’s total Ethereum holdings in the wallet rose to 34,188 ETH, worth about $108.8 million. Such a move typically reflects a strategy of accumulation rather than short-term trading, suggesting that the whale is confident in Ethereum’s future prospects. The transfer from Bitget to a self-custody wallet indicates that the whale is not looking to sell anytime soon but is instead positioning the assets for long-term growth.
Further analysis from Lookonchain revealed that the whale has staked its Ethereum via Lido, which aligns with the long-term outlook. By staking, the whale is actively participating in Ethereum’s Proof-of-Stake network, suggesting confidence in Ethereum’s future and potential rewards.
Market Caution Amid Whale’s Long-Term Strategy
Ethereum’s price has experienced fluctuations, with the coin recently rising from $3,059.98 to $3,238.56 over a 24-hour period. As of the latest data, Ethereum is priced at $3,164.88, showing a modest increase of 2.02%. Despite these fluctuations, the whale’s actions indicate they are unfazed by short-term price movements and are focused on Ethereum’s long-term growth.
This move comes amidst a broader trend of caution in the market, with trading volume dropping by 8.44% to $28.03 billion. This caution may be linked to events like BlackRock’s recent offloading of $135 million in Ethereum. However, the whale’s actions show that some investors remain confident in Ethereum’s long-term potential, positioning themselves for future gains as the market stabilizes.