Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Ethereum Surges as Whales Cash Out and Tether Moves Billions into Market

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

Cryptodnes2024/11/07 23:33
By:Cryptodnes

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 A third whale, who had withdrawn 12,001 ETH in 2016 for an average price of $8.58, saw a potential profit of $34 million, marking a 330x return.

READ MORE:
Avalanche Buys Back $52M in AVAX, Ends Ties with Terra

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04