In a recent thread on X, Lookonchain, a well-known crypto market on-chain resource, delved into the sentiment surrounding Ethereum (ETH) as it broke above the $2,000 mark and sustained its position for several days.
Specifically, the market tracker sought to unveil whether crypto whales and influential investors expressed bullish or bearish sentiments towards ETH through their recent activities. The ensuing thread in Lookonchain’s tweets provided a detailed analysis of whale movements in the Ethereum market.
Bullish or Bearish on $ETH?
Did SmartMoneys and Whales buy or sell $ETH over the past week?
Here is a thread. pic.twitter.com/8yvCO0UI9H
— Lookonchain (@lookonchain) November 14, 2023
One notable observation was the activity of an Ethereum whale identified with the initials “0xE4F4.” This influential investor transferred a substantial 26,406 ETH with a market value of $54 million to the Bitfinex exchange. What particularly raised eyebrows was that the whale had been dormant for approximately three years. The investor now holds $123.4 million in Ethereum amid the current movement.
Meanwhile, whale “0xBf71” deposited 30,001 ETH valued at $62 million into Binance. According to Lookonchain, this ETH investor has incurred a significant total loss of approximately $183 million.
Similarly, Lookonchain highlighted two wallet addresses potentially associated with the same individual, noting that they initially staked 5,000 ETH on May 26. However, on November 10, the same day Ethereum hit $2,120, they withdrew 5,090 ETH and deposited it into exchanges.
Lookonchain mentioned another whale re-entered the market by accumulating $6.7 million in Ethereum after a dormant period of seven months. With the renewed accumulation, the investor now holds total holdings of 183,742 ETH worth 387.8 million. Besides, the market tracker disclosed that the investor has an unrealized profit of around $154 million.
Furthermore, the market analyst disclosed the accumulation activities of more influential ETH investors alongside other movements of the tokens to exchanges such as Binance and Kraken.
Notably, Lookonchain failed to categorically state whether the sentiments of the awakening and longstanding ETH investors are bearish or bullish. Historically, the perception towards whales moving funds to centralized exchanges is bearish as it potentially implies sell-off for profit taking. On the other hand, the accumulation spree suggests bullish sentiments.
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