As Ethereum continues to trade above the $3,000 mark, stablecoins, ETH, and ETH derivatives are leading the charge in high-yield opportunities, leaving other large-cap cryptocurrencies mostly in the shadows.
CoinShares recently reported substantial inflows into digital asset investment products, with a notable $932 million received last week.
This surge is largely attributed to market expectations of upcoming interest rate cuts. Bitcoin alone saw inflows of $942 million, while Ethereum experienced outflows of $23 million.
According to CoinShares, digital asset investment products received as much as $932 million in inflows last week, mainly due to market expectations of interest rate cuts. Bitcoin inflows were $942 million. Ethereum outflows were $23 million. https://t.co/qOxsPMz0oY
— Wu Blockchain (@WuBlockchain) May 20, 2024
In a significant move, a giant whale known as 0x7f1 deposited 15,000 ETH, valued at $45.98 million, to Kraken at a price of $3,065 per ETH for the first time. This whale has been strategically managing its ETH holdings, currently boasting an estimated total profit of $172.4 million, or an 86.7% gain.
The whale’s recent activity includes withdrawing 120,874 ETH from Kraken at an average price of $1,645 between September 1 and 9, 2022, at an estimated cost of $199 million. Following the recent deposit, the whale still holds 105,874 ETH, valued at $325 million.
Giant whale 0x7f1 deposited 15,000 $ETH (45.98M) to #Kraken at $3,065 4 hours ago.
The whale withdrew 120,874 $ETH from #Kraken at only ~$1,645 in early Sep 2022,
And now still holds 105,874 $ETH ($326M) with a total profit of $173M (+87%)!
Follow @spotonchain and set alerts… pic.twitter.com/3wsgjQd4DI
— Spot On Chain (@spotonchain) May 20, 2024
Notable Ethereum Withdraws And Deposits To Monitor
In addition, Abraxas Capital Management made a notable move by withdrawing 3,480 ETH from Compound and subsequently depositing all of it into Kraken. This transaction, valued at $10 million, underscores the ongoing trend of significant players leveraging their ETH holdings to maximize returns amid the current market conditions.
两小时前 Abraxas Capital Mgmt 从 Compound 中取出 3480 枚 $ETH 随后全部存入 #Kraken，价值 1000 万美金
钱包地址 https://t.co/kV4rJRIEhk pic.twitter.com/X5iSCLIUbp
— Ai 姨 (@ai_9684xtpa) May 20, 2024
The dominance of Ethereum and its derivatives in high-yield opportunities, coupled with substantial inflows into digital asset investment products, highlights the strong market sentiment and confidence in Ethereum’s potential. As ETH remains above the critical $3,000 mark, the continued activity of whales and major capital management firms points to a bullish outlook for Ethereum and the broader cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.