Whale Transfers 34,000 ETH to Coinbase After 8 Years, Realizing $65.68 Million Profit

COINOTAG News reported on March 21st that according to detailed on-chain analytics from Yujin Monitoring, a significant holder of Ethereum (ETH) has made a notable move. This institutional whale, which has retained its ETH for nearly eight years, recently transferred a substantial sum of 34,000 ETH, valued at approximately $67.18 million, to Coinbase. This transaction marks an impressive return on investment, reaping about 44 times the initial value, reflecting a profit of approximately $65.68 million.

The whale’s accumulation of these 34,000 ETH dates back to March 2017, acquired through platforms like Bitfinex when Ethereum was priced at merely $44, amounting to a modest $1.5 million investment. This strategic accumulation preceded a significant bull run for Ethereum, propelling its price from double digits to exceeding $1,000 in the subsequent months. Such movements are indicative of ongoing market dynamics and highlight the importance of historical buying patterns in understanding future crypto trends.