A trader known for successful trading operations caught attention with a new altcoin purchase.
According to data provided by the on-chain analysis platform Spot On Chain, a trader with a high success rate in Ethereum (ETH) trading made a move again on March 8.
Ending a period of quiet waiting, this individual purchased 8,230 Ethereum worth $31.8 million. The same trader had engaged in 2 different Ethereum trading ventures in the past, achieving 78% and 45.9% gains in each. These transactions resulted in a net profit of $13.36 million.
The trader’s renewed buying activity revealed expectations of a bullish cycle for Ethereum, suggesting that further increases could occur, even reaching the all-time highest level.
Especially the Ethereum London upgrade in mid-March and the potential approval of a spot Ethereum exchange-traded fund (ETF) from the US in May were among the factors leading investors to consider Ethereum.
According to CoinGecko data, Ethereum has shown a 4.8% increase in the last 24 hours and is currently trading at $3,955.
