Whale deposits 5.39M $ETH into MEXC, making a profit of $4.32M after an 8-month hiatus.

Whale deposits 5.39M $ETH into MEXC, making a profit of $4.32M after an 8-month hiatus.

In a significant move in the cryptocurrency market, a prominent whale has deposited 14,520 ETH (worth $53 million) into the global cryptocurrency exchange MEXC, according to data from Lookonchain monitoring [1]. This transaction, which occurred over the past nine hours, marks a substantial return to the market for the whale, who last made a notable purchase five months ago.

The whale, identified as 0xF436, had been inactive for the past eight months. However, their recent activity indicates a return to the market with a significant investment. This deposit follows a period of market volatility and uncertainty, suggesting a bullish sentiment from the whale.

The whale's recent purchase of 38,606 ETH (worth $148.44 million) for SharpLink Gaming, a gaming company, five days ago, has been noted as a significant acquisition in the market [2]. This transaction was part of a broader strategy by SharpLink Gaming to increase its ETH holdings, which now total nearly $2 billion. The company's latest acquisition of 18,680 ETH for $66.63 million has positioned it as a major player in the ETH market, although it was recently unseated by Bitmine Immersion Technologies as the largest ETH holder globally [2].

The deposit into MEXC by the whale 0xF436 is significant for several reasons. Firstly, it indicates a return to the market after a period of inactivity, suggesting a potential shift in the whale's strategy. Secondly, the timing of the deposit is notable, coming after a period of market consolidation and before the expected announcement of SharpLink Gaming's second quarter earnings. This could be seen as a strategic move to capitalize on market conditions or to position for future gains.

The deposit also highlights the importance of MEXC as a major player in the cryptocurrency market. The exchange's ability to attract large deposits from whales indicates its reliability and liquidity, which are crucial factors for both institutional and retail investors.

In summary, the deposit of 14,520 ETH into MEXC by whale 0xF436 is a significant event in the cryptocurrency market. It marks a return to the market after an eight-month hiatus and highlights the strategic importance of MEXC as a major exchange. The whale's recent acquisitions and the timing of the deposit suggest a bullish sentiment and a potential shift in market dynamics.

References:

[1] https://www.mexc.com/az-AZ/news/a-whale-withdrew-14520-eth-worth-53-million-from-the-exchange-in-the-past-9-hours/63319

[2] https://finance.yahoo.com/news/sharplink-gaming-sbet-surges-11-163635928.html