Whale alert: Ethereum (ETH) investor records millions in profits after holding for years

A major Ethereum investor, often referred to as a “whale” in the cryptocurrency world, appears to be benefiting from a successful year, according to data analysis by blockchain intelligence firm Lookonchain.

The investor reportedly purchased a significant amount of Ether a year ago at a price of around $1,890 per token and initiated a series of transactions in the past week that indicate profit-taking.

The whale initially withdrew 12,906 ETH, worth around $24.39 million at the time, from the leading cryptocurrency exchange Binance. The tokens were then deposited on Lido, a platform that allows users to earn interest on their holdings through liquid staking – that is, users can earn interest by staking their ETH while also receiving a liquid token that represents the staked represents assets that can be used elsewhere.

This move could indicate the investor’s intention to hold the asset for the long term while earning passive income. However, their actions indicate a change in strategy, as on April 30, coinciding with a market decline, the whale withdrew 7,000 ETH from Lido and deposited the funds back into Binance.

This quick transfer suggests that the investor wanted to profit from a possible short-term price fluctuation.