A “Diamond Hand” Ethereum (ETH) whale has suddenly emerged, transferring a massive 15,000 ETH token 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.
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 to Kraken, one of the world’s biggest crypto exchanges.
A Diamond hand whale is a term essentially used to describe traders or investors who HODL their assets for an extensive period without plans to sell, no matter how much the value of the token changes or the market fluctuates.
Data from Spot On Chain has revealed that this anonymous Diamond whale had initially conducted two ETH deposits into Kraken, both exceeding $30 million. Coincidentally, these two 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, which occurred on August 20, the diamond hand whale deposited 15,000 ETH, valued at $39.7 million at the time, just before a 2.5% decrease in Ethereum’s price.
Following this trend, it appears that this particular whale’s ETH deposits may have been strategically executed just before a price decrease to avoid a loss. 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, representing a gain of over 86%.
The price of Ethereum has been relatively stable in recent weeks, experiencing modest gains. 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. One prominent crypto analyst on X has set ambitious price targets for Ethereum, predicting that the cryptocurrency could surge between $5,500 to $6,000 in the future. He identified the best accumulation zone as between $2,500 to $2,100 and forecasted a long-term price breakout from $8,000 to $10,000.
