An on-chain tracker flagged a whale who reentered long ETH earlier this week and is now showing more than $7 million in unrealized profit. The wallet moved $9.5 million off Binance and opened the position on Hyperliquid, setting liquidation around $3,285 after an entry near $3,717. The same trader was fully liquidated last week, losing about $2 million on an approximate 40-day trade during the market’s deleveraging.
An on-chain tracker flagged a whale who reentered long ETH earlier this week and is now showing more than $7 million in unrealized profit. The wallet moved $9.5 million off Binance and opened the position on Hyperliquid, setting liquidation around $3,285 after an entry near $3,717. The same trader was fully liquidated last week, losing about $2 million on an approximate 40-day trade during the market’s deleveraging.
The whale trader withdrew $9.5 million from Binance to open the current long position on Ethereum (ETH) via the Hyperliquid DEX platform. The whale trader has set a liquidation price of $3,285 after snipping an entry of around $3,717.
During last week’s crypto market crash, the same whale investor was completely liquidated and lost $2 million from a trade that lasted about 40 days.
After a historic deleveraging event last week, Ethereum whales have been on a buying spree. For instance, on-chain data analysis Tom Lee’s BitMine has purchased Ether valued at over $500 million since last Friday’s market crash.
Notably, BitMine Ether valued at over $834 million last week, thus increasing its holdings to $12.5 billion. Meanwhile, the U.S. spot Ether ETFs recorded a net cash inflow of about $236 million on Tuesday, thus increasing their total net assets to $28 billion.
Ethereum price is expected to rally towards a new all-time high in the coming weeks. Several crypto analysts led by Benjamin Cowen and Michaél van de Poppe believe the recent Ether crash will yield a fresh bull rally towards a new ATH.
From a technical analysis standpoint, the ETH price has recorded a rising trend since its bullish rebound in early April. In the weekly timeframe, the ETH price has been retesting a crucial support level around $4.1k, which has acted as a resistance level since early 2022.
Ethereum price has attracted more buyers amid the ongoing monetary policy change in the United States. Arthur Hayes predicted that the Ether price will rally towards $10k soon as the Fed initiated Quantitative Easing (QE) and more interest rate cuts.
The Ethereum network has robust fundamentals to support its macro bullish outlook. According to market data from , the Ethereum network has seen its total value locked and stablecoins market cap grow steadily year-to-date.
During an interview on Tuesday, BlackRock CEO Larry Fink stated that the crypto market is well-positioned to grow exponentially in the near future fueled by rising tokenization of real-world assets (RWA) and clear crypto regulations.
