Key Takeaways:
A single whale address accumulated 2,698.5 ETH valued at $5.95 million, realizing a $430,000 unrealized profit in under 12 hours as the price of Ethereum rallied.
On-chain data tracker Lookonchain first flagged the series of transactions, which showed the address converting 1,265 Tether Gold (XAUt) tokens to fund the purchase. The move represents a significant rotation from a gold-backed digital asset into a major cryptocurrency.
The address paid an average price of $2,205 per ETH for the 2,698.5 tokens. Following the accumulation, the price of Ethereum climbed over 7% to approximately $2,364, pushing the position's current value to nearly $6.4 million.
This large purchase signals strong bullish conviction from a significant market participant. Such on-chain accumulation can precede broader market moves and may attract further buying pressure from retail and institutional investors looking for cues. The rotation from XAUt also highlights a potential micro-trend of capital flowing from tokenized physical assets into more volatile, high-beta cryptocurrencies like Ethereum as market risk appetite increases.
The move comes as Ethereum's price action shows renewed strength relative to Bitcoin (BTC), with traders closely watching for a potential breakout. This whale's bet on ETH suggests a belief that the second-largest cryptocurrency has more immediate upside.
This article is for informational purposes only and does not constitute investment advice.
