For the first time since March, Ethereum’s price has soared past the $4,000 mark, with a significant boost likely coming from U.S. spot Ethereum ETFs.
However, a striking whale movement has also captured the spotlight.
A long-dormant whale recently deposited its remaining 60,079 ETH—worth $234 million—into Bitfinex after nearly six years of holding. This whale initially withdrew 87,085 ETH from Bitfinex back in January 2019, when ETH was trading at just $153, a total value of $13.4 million at the time.
Over the years, the whale made notable transactions, including transferring 600 ETH to Tornado Cash in 2020. Then, in late 2023 and December 2024, it redeposited 86,484 ETH at an average price of $3,331.
If these transactions represent trades, the whale could have realized an impressive profit of approximately $274.8 million—a remarkable 20.7x return on investment.
A giant whale just deposited its remaining 60,079 $ETH ($234M) to #Bitfinex after nearly 6 years of holding!
The whale withdrew 87,085 $ETH from Bitfinex in Jan 2019 at only $153 ($13.4M).
Later, the whale sent 600 $ETH to Tornado Cash in 2020 and redeposited 86,484 $ETH in Nov… pic.twitter.com/JWc1g83Y75
— Spot On Chain (@spotonchain) December 6, 2024
Ethereum ETFs Shows Bullish Sentiment
Ethereum ETFs have also contributed to the bullish sentiment, surpassing $1 billion in cumulative net inflows within just 96 trading days. On December 5, 2024, ETH ETFs saw a record-breaking single-day inflow of $434.6 million, extending their streak of consecutive positive days to nine—the longest yet.
BlackRock’s ETHA ETF led the charge, accumulating 257,300 ETH—equivalent to $946.6 million—during this period. The fund now holds 837,500 ETH, valued at $3.27 billion, cementing its position as a key player in the market.
US #Ethereum ETFs have surpassed $1 billion in cumulative net inflows after 96 trading days!
Notably, on Dec 5, 2024, ETH ETFs recorded $434.6M in inflows, the largest since launch, marking 9 consecutive positive days—the longest streak yet.#BlackRock (ETHA) led the way,… pic.twitter.com/T5eeh4NyUp
— Spot On Chain (@spotonchain) December 6, 2024
With the combined influence of rising ETF inflows and whale activity, Ethereum’s resurgence above $4,000 reflects growing institutional and investor confidence in its future potential. These developments highlight a significant turning point for ETH as it continues its upward trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: nexusplexus/123RF // Image Effects by Colorcinch
