There have been important developments in the cryptocurrency market recently. There were sudden increases in the price of the leading altcoin Ethereum (ETH). Therefore, this situation led to an upward movement in the overall market. On the other hand, crypto investment giant Paradigm Capital moved a large amount of Lido DAO (LDO) tokens. Here are all the details…
Whale took action in the leading altcoin Ethereum
Ethereum (ETH), the second-largest cryptocurrency, rose on Thursday after Bitcoin (BTC) hit an all-time high following Donald Trump’s big victory. Ether price has increased by nearly 13% in the last 24 hours, keeping the market momentum on the rise as expected post-election. The global crypto market cap rose more than 3% in the last day, reaching $2.52 trillion, as a new rise in ETH opened the doors for whales to cash out. 24-hour trading volume reached consecutive peaks; It reached about $190 billion when the bulls took over.
Data shows that several crypto whales sold a total of $124 million worth of Ether in the last 24 hours. Ethereum ICO whale “0xB8c” was mentioned to have transferred 25,000 ETH (worth approximately $65.67 million) to crypto exchange Kraken at a transaction price of $2,627. This whale still holds 64,450 Ether (worth approximately $181 million). Another whale “0x0c1” decided to re-enter after 8.75 years and sold 8,701 Ether for 24.05 million USDC. This sale occurred at a price of $2,764 per ETH, allowing the whale to make a profit of $30.48 million. He still holds 2,304 ETH (worth about $6.5 million).
A similar sleeping whale “0x7f6” woke up and started selling on the chain. This whale had withdrawn 12,001 ETH ($103k at the time) from ShapeShift in early 2016 and sold it for an average price of $8.58. This shows that the whale could make a profit of $34 million, which would be a 330x return if he just hit the sell button.
What is the latest situation in ETH price?
The recent rise has helped Ether erase past losses. Ethereum price has increased by 18% in the last 30 days. ETH was trading at an average price of $2,844 at press time. 24-hour trading volume increased by 41%, reaching $39.73 billion. CoinGlass data shows that $64.25 million worth of long and short bets pegged on the Ether price were liquidated in the last 24 hours. More than $43.23 million (67%) of liquidated bets appeared as short positions. This suggests that investors are not currently prepared for an Ether reversal.
Tether, the largest issuer of stablecoin USDT, injected 1.845 billion USDT into exchanges on Ethereum in the last 12 hours. He transferred $1.706 billion to Binance, $101.7 million to Coinbase, $20 million to OKX and $17.86 million to Kraken. This big move comes after Tether Treasury minted 2 billion USDT in Ethereum. However, it burned 1 billion USDT on Tron on the last day. The stablecoin issuer reportedly held 37 billion USDT in Ether and Tron last year.
LDO token transfers attracted attention
Paradigm Capital, one of the leading crypto investment firms, is known for its large investments in the Lido DAO ecosystem. In recent developments, it was noteworthy that Paradigm moved its Lido DAO (LDO) tokens, with a total value of 96.6 million dollars, to the Coinbase exchange. According to information provided by Onchain Lens, Paradigm relocated 70 million LDO tokens in two different wallets. Some of these tokens were transferred to Coinbase as 8.18 million LDO, valued at $11.29 million. Paradigm made a large investment by purchasing Lido DAO tokens from Lido Finance’s treasury about four years ago. This investment was intended to support the growth of Lido Finance’s liquidity staking platform.
