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 A third whale, who had withdrawn 12,001 ETH in 2016 for an average price of $8.58, saw a potential profit of $34 million, marking a 330x return.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