- Lookonchain, has identified a whale who spent 16.26 million USDT to buy 9,641 ETH.
- The whale bought 9,641 ETH at $1,687 following the recent price drop.
- Onchain data shows the whale currently holds 24,797 ETH, equivalent to $40.85 million.
The smartmoney onchain analytical platform, Lookonchain, has identified a whale who spent 16.26 million USDT to buy 9,641 ETH at $1,687 following the recent price drop.
According to Lookonchain, the same whale bought 8,701 ETH at $1,589 on March 13 and exchanged 928 WBTC, equivalent to $ 22.86 million for 13,731 ETH on March 15, 2023. On April 21, the whale earned 20.2 million USDT from selling 10,427 ETH at $1,937. Onchain data shows the whale holds 24,797 ETH, equivalent to $40.85 million at the time of writing.
In a tweet, Lookonchain described the whale as a “smart whale” considering the impeccable trade decisions it recorded. The full-cycle ETH trade recorded by the whale reflects a profit of about 20% in five weeks. The March 21 buy price also coincides with the current ETH’s price level, reflecting a region of historical support.
ETH’s price returned to this region after a sharp drop following the outcome of yesterday’s Federal Open Market Committee (FOMC) meeting. According to reports, the Federal Reserve Chairman Jerome Powell-led FOMC voted to pause its aggressive campaign of interest rate hikes. However, it indicated there could be another sharp increase before the end of the year.
The Feds paused interest rate hikes after raising the rates ten consecutive times since March 2022. This time, the committee voted to retain the benchmark lending rate between 0.5 percent and 5.25 percent. According to Powell, the pause in interest rate hikes would provide policymakers on the FOMC access to additional information and its implications for monetary policy.
ETH’s price dropped to $1,632 shortly after the announcement before meeting support. It has remained at this level until writing time, although the ETH chart formation projects more bearish pressure.
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