Ethereum Surges as Whales Cash Out and Tether Moves Billions into Market

Ethereum (ETH) experienced a significant price surge on Thursday, following Bitcoin's new all-time high after Donald Trump’s major win.

This rally helped push the global crypto market cap up by more than 3%, reaching $2.52 trillion, with 24-hour trading volume hitting $190 billion, as bullish sentiment took over the market.

As Ethereum gained momentum, crypto whales took the opportunity to cash out, selling off a total of $124 million in Ethereum.

Notably, one whale offloaded 25,000 ETH on Kraken for approximately $65.67 million, while another re-entered the market after nearly 9 years, selling 8,701 ETH for 24.05 million USDC, securing a $30.48 million profit. A third whale, who had withdrawn 12,001 ETH in 2016 for an average price of $8.58, saw a potential profit of $34 million, marking a 330x return.

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Ethereum’s recent surge has helped the asset recover from previous losses, rising almost 20% over the past 30 days to an average price of $2,844. Alongside this, significant movements from USDT, the leading stablecoin, have further influenced the market.

Tether injected 1.845 billion USDT into exchanges on Ethereum, with over $1.7 billion sent to Binance and $101.7 million to Coinbase.

This move followed the minting of 2 billion USDT on Ethereum, alongside the burn of 1 billion USDT on Tron, marking another chapter in Tether’s active involvement in the market over the past year.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.