Whale Buys Additional 5,000 Ether Worth $9.53 Million and Stakes Entire Amount
Suehyeon Lee
Summary
- According to on-chain analytics firm Lookonchain, the whale address identified as "0x8447" bought an additional 5,000 ETH worth about $9.53 million.
- The whale has bought a total of Ether (ETH) so far, amounting to 10,657 ETH worth about $20.07 million.
- The market views the large Ether staking position as reducing the likelihood of an immediate sale and signaling an intention to hold for the medium to long term.
Forecast Trend Report by Period
A large investor bought additional Ether and immediately deposited the tokens for staking, according to on-chain data.
Lookonchain said on Aug. 17 that a whale address identified as "0x8447" bought another 5,000 ETH about seven hours earlier and staked the entire amount. The purchase was worth about $9.53 million at the time.
The whale has bought a total of 10,657 ETH so far, worth about $20.07 million.
The move has drawn market attention because the investor followed a large Ether purchase with staking. Tokens deposited for staking are typically less likely to be sold immediately, making the move a sign of an intention to hold for the medium to long term.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.