A dormant Ethereum whale has made a significant return to the crypto market following the boost ignite by Donald Trump’s victory in the U.S. election. This whale, who had been inactive for over eight years, capitalized on the recent Ethereum price surge, making an impressive $30 million in just 24 hours.

The surge in the cryptocurrency market was fueled by Bitcoin hitting a new all-time high (ATH) of $76,460, causing a ripple effect across the entire market. Ethereum, the second-largest cryptocurrency, saw a remarkable 11% rise in its price, reaching $2,777. As a result, many crypto traders, including the long-dormant Ethereum whale, were eager to cash in on the opportunity.

The Whale’s Return

According to Look on chain, the Ethereum whale in question sold 11,005 ETH, making a profit of $30.56 million. This whale had originally acquired the 11,005 ETH in 2016, when the price was just $3.46 per coin. Since then, the value of Ethereum has surged over 800 times, turning a modest investment into a multi-million dollar return.

Interestingly, the whale could have made an even bigger profit had they held onto their ETH for a little longer, as the price continues to climb. Despite the sale, Ethereum’s price remains bullish, sitting at $2,800, with a market cap of $336 billion and a daily trading volume of $38 billion.

The Impact of Whale Activity

While some whales like this one are making huge profits, their actions sometimes have the opposite effect on the market. Another Ethereum whale recently sold $65.63 million worth of ETH on Kraken, raising concerns among investors about the potential for market instability. Typically, large sell-offs by whales can create bearish sentiment, causing smaller investors to panic sell. However, despite these concerns, Ethereum’s price has continued to rise, showing strong resilience.

The Strategy Behind Long-Term Holding

The return of this dormant whale highlights a key strategy in the cryptocurrency market: holding onto assets for the long term. Many traders panic during downturns, selling off their assets in fear of further losses. This, however, often leads to missed opportunities for greater profits down the line.

A key lesson from this whale’s success is that patience can pay off in the crypto world. This whale’s 800x return is a prime example of how holding onto investments during market fluctuations can yield massive rewards in the long term.

What’s Next for Ethereum?

With Trump’s victory and Bitcoin’s record-setting price, many analysts are predicting that Ethereum could see new highs as well. Some believe the price of Ethereum could surge even further, potentially reaching an ATH of its own. The growing interest in Ethereum, coupled with the introduction of Ethereum exchange-traded funds (ETFs), has raised expectations for the cryptocurrency’s future.

Ali, a well-known crypto analyst, shared his outlook on Ethereum’s price, noting that the cryptocurrency is performing in line with earlier predictions and may soon reach new heights. The risk-to-reward ratio for Ethereum is currently attractive for long-term positions, especially with the market’s positive momentum.

However, some traders remain cautious after Ethereum’s weeks-long consolidation period, questioning whether the price surge will continue or if the market is due for a correction. Despite this, the overall sentiment remains optimistic, especially with the increasing adoption of Ethereum ETFs, which have generated significant interest from both retail and institutional investors.

Conclusion

The return of the dormant Ethereum whale serves as a reminder of the potential rewards for long-term holders in the cryptocurrency market. With the ongoing rally ignite by Trump’s win and Bitcoin’s surge, Ethereum’s price is continuing its upward trend, and many analysts are optimistic about its future. Whether the price will reach new highs or experience a pullback remains to be seen, but one thing is clear: Ethereum is once again at the center of attention in the crypto world.