A presumably “Smart Money” trader with a focus on Ethereum (ETH) has recorded a 100% win rate since the start of this quarter.
This trader, spotted by the crypto analytics platform Lookonchain, shows how the trader has maintained a very simple strategy thus far, featuring buying at a low price and selling at a relatively higher price.
The trader just dumped another 17,700 Ethereum stash valued at $42.19 million at an average price of $2,384. At the time of writing, Ethereum is changing hands at $2,394.18, up 6.15% in the past 24 hours. ETH currently has a market cap of $287,202,840,879 and trading volume of $18,050,227,583.
Ethereum Trade, Same Pattern, Bullish Results
According to the chart shared by Lookonchain, the Smart Whale made its first accumulation in the past 3 months around October 9 with two distinct buyups recorded. Another distinct accumulation came in late October but at a higher price than the previous stack.
The smart whale sold some of the stash at peak point in early November after which he made another accumulation almost immediately.
As observed in the shared chart, at least 2 more selloffs appeared on-chain in mid-November as the price of Ethereum journeys on to hit a monthly high of $2,102.15.
This smart money is really good at trading $ETH!
— Lookonchain (@lookonchain) December 28, 2023
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One major observation in the Smart Whale strategy is that there are more accumulation days with strategic selloff points. Per the Lookonchain insight, the whale’s latest selloff printed him an approximate profit of $5.8 million after an eclectic December growth.
Smart Money Traders Takes Different Forms
While the current emphasis is on a smart money trader with a high affinity for Ethereum, Smart Money traders are visible in every aspect of the digital currency ecosystem.
As reported earlier by The Crypto Basic, smart money traders are beginning to move trillions of Shiba Inu (SHIB) away from exchanges in what comes off as a race to HODL ahead of the launch of automated burning on Shibarium.
In all, Smart Money plays vary, with the end-goal being an attempt to record better profitability over time.