Ethereum Diamond Hand Whale Transfers $38.4M in Tokens, Sparks Price Drop Alert

A Diamond Hand Ethereum (ETH) whale has suddenly emerged, transferring a massive 15,000 ETH tokens to a major exchange. Given the sheer size of the transaction, this whale has caught the attention of many Ethereum investors and the broader crypto community.

Spot On Chain, a blockchain analytics platform, revealed on September 22 in an X (formerly Twitter) post that an anonymous Diamond Hand whale had transferred 15,000 ETH valued at $38.4 million from their wallet address “0x682” to Kraken, one of the world’s biggest crypto exchanges.

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A Diamond Hand whale is a term used to describe traders or investors who hold their coins, stocks, bonds, or other assets for extended periods, without plans to sell, regardless of market fluctuations. Data from Spot On Chain has revealed that this anonymous Diamond Hand whale had initially conducted two hefty ETH deposits into Kraken, both exceeding $30 million. Coincidentally, these transactions occurred just before the price of Ethereum experienced a decline.

The first transaction saw the whale move 10,000 ETH tokens, worth about $34.2 million to Kraken on July 25, just before the price of Ethereum fell by 7.6%. In the second transaction, on August 20, the Diamond Hand whale deposited 15,000 ETH, valued at $39.7 million at the time, right before a 2.5% decrease in Ethereum’s price.

Following this trend, it appears that this particular whale’s ETH deposits may have been carefully calculated and strategic, executing transactions just before a price decline to avoid losses. Moreover, the whale’s actions could offer valuable insights, potentially signaling an impending decline in the price of Ethereum.

Currently, the Diamond Hand whale holds 26,639 ETH tokens, worth approximately $69.7 million, with an estimated total profit of $132 million. This massive profit represents an impressive gain of over 86%.

The price of Ethereum has been relatively stable in recent weeks, experiencing modest gains after an extensive period of significant bearish activity. According to CoinMarketCap’s data, ETH is trading at $2,640, reflecting a 1.93% increase in the last week and an impressive 13.43% surge over the past seven days.

Notably, Ethereum’s bullish momentum has sparked optimism amongst analysts. A prominent crypto analyst identified as ‘Crypto Patel’ on X has set ambitious price targets for Ethereum, predicting that the cryptocurrency could witness a surge between $5,500 to $6,000. He identified the best accumulation zone for investors as between $2,500 to $2,100. Furthermore, the analyst shared his long-term target for ETH, forecasting that the cryptocurrency could experience a price breakout from $8,000 to $10,000.