Ethereum (ETH), the second-largest cryptocurrency by market cap, witnessed a sharp 13% surge over the past 24 hours.
The rally came after Bitcoin’s (BTC) record-breaking all-time high following Donald Trump’s significant election victory. The bullish momentum helped push the global crypto market cap to $2.52 trillion, reflecting a 3% rise in just one day.
The upward trajectory of Ether gave whales a lucrative opportunity to offload their holdings. Meanwhile, trading activity internationally intensified, with the total 24-hour trading volume reaching $190 billion.
Ethereum whales cash out millions
Several major Ether holders seized the chance to cash in on the price jump, collectively selling off $124 million worth of ETH within a day. On-chain data revealed that an early Ethereum ICO whale identified as “0xB8c” transferred 25,000 ETH to Kraken, securing around $65.67 million for $2,627 per token. Despite the sale, the whale still holds 64,450 ETH, valued at approximately $181 million.
Another prominent whale, “0x0c1,” returned to the market after 8.75 years, unloading 8,701 ETH for $24.05 million in USDC for $2,764 per coin. This transaction allowed the whale to lock in a $30.48 million profit, with 2,304 ETH still in their wallet, worth about $6.5 million. Similarly, a long-dormant whale, “0x7f6,” also moved significant funds. This investor, who acquired 12,001 ETH in 2016 at an average price of $8.58 per coin, now stands to realize a profit of $34 million if the holdings are fully liquidated.
Ether rallies and clears recent losses
The latest price surge has helped Ethereum recover from recent setbacks, posting an 18% gain over the past 30 days. At the time of writing, ETH is trading at $2,844, with a 24-hour trading volume of $39.73 billion, marking a 41% increase. Data from CoinGlass highlighted liquidations worth $64.25 million in Ether-related long and short positions during the past day. Of these, $43.23 million, or 67%, were from short positions, indicating that traders were unprepared for the bullish reversal.
Stablecoin activity boosts momentum
Stablecoin issuer Tether injected 1.845 billion USDT into Ethereum-based exchanges over the past 12 hours, further amplifying market activity. Most of this liquidity was directed to Binance, with smaller allocations sent to Coinbase, OKX, and Kraken. These movements followed Tether’s Treasury minting 2 billion USDT on Ethereum while burning 1 billion USDT on the Tron network. Over the past year, Tether has maintained a supply of 37 billion USDT across Ethereum and Tron. Ether’s price momentum and significant whale activity underscores a dynamic market climate driven by long-term holders and new liquidity flows.