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Whale Who Bought Ethereum at 2022 Bottom Sends 5,000 ETH to Kraken: Lookonchain

April 18, 2024

A crypto whale that bought $151.42 million in Ethereum (ETH) near its market cycle bottom in September 2022 appears to be taking some profits, according to the digital asset tracker Lookonchain.

Lookonchain notes that the whale withdrew 96,638 ETH from Coinbase at an average price of $1,567 between September 3rd and Sept 7th, 2022.

In early March, the trader deposited 15,000 ETH worth around $57.3 million to Kraken, and on Tuesday, they sent another 5,000 ETH worth $15.4 million to the exchange.

The whale still holds 76,638 ETH worth roughly $230.5 million. Between realized and unrealized gains, the trader has profited nearly $152 million on their initial $151.42 million ETH investment.

ETH is trading at $3,005 at time of writing. The second-ranked crypto asset by market cap is down nearly 15% in the past week.

Lookonchain also notes that Tron (TRX) founder Justin Sun withdrew 196 million of the top stablecoin USDT from the crypto exchange HTX and deposited it into Binance on Tuesday.

In February, Sun revealed publicly that his HTX account held 28,613 Bitcoin (BTC) worth about $1.62 billion at the time.

HTX is the rebranded name of Huobi, the Seychelles-based trading giant that Sun says he’s an “advisor” for.

It remains unclear whether Sun has an actual ownership stake in HTX, though he’s reportedly used hundreds of millions of dollars of his fortune to back the exchange.

Sun said he revealed his BTC holdings in response to critics accusing him of not being an active user of HTX.

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