Ether Price Hits 15-Week High as Whale Makes $31 Million Profit

Ether price reaches a 15-week high, buoyed by significant whale activity and an increase in unique addresses. A whale nets $31 million profit through trades, while Ethereum’s futures open interest surges past $40 billion, risking liquidations for shorts if prices rise above $2,900.

Ether’s price has recently hit a notable 15-week high of $2,827 on June 10, poised close to breaking through its current monthly range. For Ether to hit new heights above $3,000, it would require a daily close above $2,700, which would be the highest mark since February 24. This surge comes after a month of fluctuating prices between $2,300 and $2,800.

In a remarkable turn of events, an Ethereum whale made a substantial $31 million profit across two trades in just 44 days. On June 10, this whale sold 30,000 ETH through an over-the-counter (OTC) trade for $82.76 million, following a substantial purchase of the same amount at $1,830 on April 27. The earlier purchase had put the whale at $54.9 million, and their sale on May 22 brought in $78.63 million, adding to their impressive gains amid a price rally.

Unique Ethereum addresses on the network have surged by a staggering 70% in Q2, reaching an all-time high of 17.4 million. According to data compiled by growthepie, the spike indicates that increasing numbers of ETH addresses are engaging with multiple chains, with 16.4 million active addresses noted on June 10. The Base network has been a substantial contributor to this growth, accounting for over 72% of new addresses, while Ethereum’s mainnet recorded 2.23 million addresses.

Despite these impressive numbers, concerns over sustainable growth linger. Ethereum continues to dominate the decentralized finance (DeFi) sector, holding roughly 61% of the total value locked, which is around $66 billion. However, only $43.3 million in fees has been generated over the past month, raising questions about ongoing activity on the network, particularly as recent updates aiming to improve efficiency could potentially diminish staker returns.

Currently, Ether’s futures open interest has surpassed $40 billion, a first in its history. This significant figure indicates a highly leveraged market, adding a layer of volatility one might expect. In terms of liquidations, $2 billion in long positions are at risk if prices dip to $2,600, while around $1.8 billion in short positions could be liquidated if Ether crosses $2,900. These mixed signals create uncertainty regarding market movements as traders strategize their next steps.

As always, potential investors should be reminded that this article is not investment advice. Trading and investing carry inherent risks and should involve thorough personal research before making decisions.