ChainCatcher reported that, according to monitoring by on-chain analytics platform Lookonchain (@lookonchain), an over-the-counter whale bought 29,000 ETH during last week’s decline in ETH. The purchase was valued at approximately $53.1 million based on the figures cited in the report.
Lookonchain’s monitoring showed that the whale sold the full 29,000 ETH position five hours before the report. ETH is the native asset of Ethereum and one of the most actively traded crypto assets, while large transactions by whale-sized holders are commonly tracked by on-chain analytics platforms as major fund movements.
According to the ChainCatcher item, the completed swing trade generated a profit of about $6.4 million. In this case, the reported sequence was clear: the whale bought during last week’s ETH pullback, later sold the entire position, and ended the trade with a reported gain of around $6.4 million.