Smart trader buys $34M in ETH as Ethereum Foundation sells $340k

The Ethereum Foundation sold $340,000 worth of 100 ETH again on November 12 – a controversial activity among Ethereum investors. However, a smart money trader has absorbed 100 times more of this sell pressure in a $34 million purchase.

In particular, the smart money trader bought 10,364 ETH through multiple operations against Tether’s USDT, as reported by Lookonchain. These purchases happened as Ethereum (ETH) aggressively retraced by over 3% this morning, together with all other cryptocurrencies.

Notably, Lookonchain has been monitoring this profitable whale through six different wallet addresses, trading 15 times since August 12. The smart money profited in 14 out of the 15 trades, amassing $4.95 million with a 93% win rate.

In the meantime, the token now faces a corrective movement at the same time Justin Drake unveiled his “most ambitious initiative to date,” as announced on November 11 on X.

“For one year I have been thinking about what a from-scratch redesign of the Ethereum consensus layer could look like. The goal is to suggest a credible strategy to ship what is an extremely ambitious and exciting beacon chain roadmap, all on a reasonable timeframe.”

– Justin Drake

The revelation triggered mixed feelings in the crypto community, with Ethereum investors showing optimism. Meanwhile, competitors believe it is “too late.” DavyCrypto, for example, commented on how other blockchains can already achieve better results than what is proposed.

Justin Drake just dropped its Ethereum 3.0 proposal.

A new consensus layer allowing 4s block-time and 3 slot finality -> 12s finality.

In 5 YEARS!🤦🏻‍♂️

Meanwhile #MultiversX going to launch 0.6s in-slot finality in (hopefully) first half 2025.

It’s self-explanatory, anon.

— DavyCrypto (@Davyegld) November 12, 2024

As things develop, Ethereum’s improvements could attract more demand to its ecosystem, which can positively reflect on ETH’s price. The smart money reported purchase is one example of highly-capitalized investors perception and how these market dynamics can play out.

Featured image via Shutterstock

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