On November 12, the Ethereum Foundation made another controversial move, selling 100 ETH valued at $340,000. However, a “smart money” trader stepped in to absorb the sell pressure, purchasing 100 times that amount with a $34 million buy.
The trader, tracked by Lookonchain, acquired 10,364 ETH in several transactions using Tether (USDT) amid a 3% market pullback affecting Ethereum and other major cryptocurrencies. Lookonchain has been following this profitable whale, who has traded via six different wallets and completed 15 trades since August 12. The trader has profited in 14 of those trades, amassing $4.95 million with a remarkable 93% win rate.
Meanwhile, Ethereum’s token faces a pullback as Justin Drake unveiled his “most ambitious initiative to date” on November 11 via 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 an extremely ambitious and exciting beacon chain roadmap, all on a reasonable timeframe,” Drake explained.
The announcement sparked mixed reactions across the crypto community. Ethereum investors expressed optimism, but some competitors argued it’s “too late.” For instance, DavyCrypto pointed out that other blockchains are already surpassing Ethereum’s proposed capabilities, noting:
“Justin Drake just dropped his Ethereum 3.0 proposal. A new consensus layer allowing 4s block-time and 3-slot finality -> 12s finality. In 5 YEARS! Meanwhile, #MultiversX is aiming for 0.6s in-slot finality in early 2025. It’s self-explanatory, anon.”
As Ethereum’s roadmap unfolds, these potential improvements could increase demand within its ecosystem and impact ETH’s price. The recent “smart money” purchase highlights how highly-capitalized investors view Ethereum’s long-term potential, demonstrating how market dynamics may evolve in response.
