Ethereum Whales Move Millions as Price Holds Above $2,700
Ethereum (ETH) has seen significant activity from large holders, with notable transfers to exchanges while the price remains above $2,700. An early investor from the 2015 Ethereum ICO transferred 13,330 ETH, worth $36.37 million, to Coinbase. This wallet originally purchased 170,000 ETH at $0.311 each and has now sold most of its holdings, with a reported profit of around $193 million.
POAP founder Patricio Worthalter also deposited 4,000 ETH, worth $10.79 million, into Gemini. Worthalter still holds 54,967 ETH, valued at approximately $149 million. The transfer comes amid POAP's planned gradual cessation of operations, announced earlier this year.
Additionally, trader 0x914b reversed a short position worth $40.97 million after losing $471,000, opening a 25x leveraged long worth $64.3 million. The position's liquidation price is set at $2,650, just below the current price of $2,727.18.
The mixed signals, large exchange deposits, a positive 24-hour price move, and aggressive trading, suggest caution. While these moves indicate active positioning, they do not guarantee a clear market direction. Traders should watch key price levels, exchange inflows, and volume for further insights.