- Ethereum price surge to $2,100 was triggered by news that BlackRock, the world’s largest asset manager, is preparing to launch an Ethereum ETF.
- One Ethereum whale who deposited $63 million worth of ETH to Binance on November 4 could lose around $180 million if they decide to sell their coins now.
- The whale had previously withdrawn more than $450 million worth of ETH from Binance in May when the cryptocurrency was at its yearly high of $3,672.
- Ethereum’s bulls have been raking in profits all day, while the whale is currently regretting their actions.
Ethereum’s bulls, after spending weeks being bullied (pun unintended) by the bears, has broken past the $2,000 mark for the first time since June.
This happened right after a bit of news hit the internet.
According to reports, BlackRock, the world’s largest asset manager, is preparing to launch an ETH ETF.
Ethereum’s surge was big news for everyone. Well, everyone except one whale, who is about to lose almost $200 million despite the price rally.
BlackRock’s Ethereum ETF Boosts ETH Price
ETHs break above $1,800 and subsequent rally to $1,800 was inevitable anyway.
The crypto market has been bullish for a while now, with several top cryptocurrencies like Bitcoin, Solana, XRP and Chainlink leading the market rally.
Ethereum, on the other hand, appeared to be lagging behind the others as the bears held it firmly in place.
However, all of this changed sometime around 3 November when BlackRock filed a registration statement for the iShares ETH Trust with the Delaware Secretary of State.
According to this filing, the asset manager had plans to offer an Ethereum ETF to its customers, allowing them to buy some of this cryptocurrency without directly investing in it.
ETH, reacting to the news, soared from about $1,900 to about $2,100 in a matter of hours.
This price rally put ETH at its highest point since June, and even triggered a massive wave of liquidations on bearish positions as the bears collectively lost about $60 million on Thursday alone.
Ethereum Whale Deposits $63 Million to Binance
Ethereum’s bulls have been raking in profits all day. Everyone, except a certain whale, who may currently be regretting their actions.
According to this tweet from Lookonchain, an unknown whale deposited about 30,001 ETH to Binance on November 4.
At the current price, this amount of ETH is worth over $63 million.
Interestingly, LookonChain also notes this is not the first time this whale has moved their coins to Binance.
According to a separate tweet from the data monitoring platform on November 2, the same whale transferred 10,000 ETH to the exchange, when ETH was trading at around $1,900.
What is interesting though, is that LookonChain mentions that this whale withdrew more than $450 million worth of ETH from Binance when the cryptocurrency was at its $3,672 yearly-high in May.
This means that despite the ongoing price rally, if the Whale decides to sell their coins now, they would lose around $180 million, compared to their previous withdrawal.
This may mean that the whale has to stick with the shrimp, through thick and thin.
At least until Ethereum retakes $4,000.
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