In the crypto industry, investors often endeavor to leverage opportunities that can provide massive yields on investments, and sometimes, this can mean transitioning from one asset to another with brighter potential. Recently, Something similar happened with the case of an Ethereum whale who dumped ETH to purchase ETFswap (ETFS).

A Drop In ETH Burn Spur Massive Offloading By Ethereum Whales

On-chain intelligence platform Lookonchain reported the activity of an Ethereum whale on its X (formerly Twitter) page on May 6, 2024. The whale purchased ETH when it was valued at $1,890 last year, and with the current value of ETH at about $3,000, the whale had made a significant profit. The whale Ethereum withdrew 12,906 ETH, worth $24 million at the time of purchase, from the Binance exchange into Lido.

On April 30, 2024, when the market dropped, the Ethereum whale moved 7,000 ETH from Lido back to Binance, realizing over $16 million in profits. The whale makes the best use of their holdings by selling them to move to a much better investment. These actions reflect the profit-taking trends common among other Ethereum whales, indicating a wary approach toward the future trajectory of Ethereum (ETH).

Further, the whale’s action could have been influenced by the significant drop in ETH burned, which recorded a yearly low of 610 ETH on May 5, 2024. The massive decline was pinned on lower network fees as the current gas price ranges between 5-10 gwei.

The reduction in Ethereum network fees has also reduced the amount of ETH burned, which could affect its overall supply and value, as a burn mechanism is a system that reduces the supply of a token so that it won’t become overabundant, boosting its value.

So, the significant drop in the amount of ETH burned, which could negatively affect the token price value, coupled with the current unstable nature of the Ethereum (ETH) network, could be the force propelling not only this whale but other Ethereum whales toward a secure investment like ETFswap (ETFS).

Currently, Ethereum (ETH) is worth $3,117 and ranks second in the crypto market, according to data by Coinmarketcap.

ETFSwap (ETFS) Reshapes DeFi With Tokenization

ETFswap (ETFS) is a blockchain platform spearheading the tokenization of assets through its innovative idea of tokenizing exchange-traded funds (ETFs). One of the key solutions ETFswap (ETFS) is introducing is democratizing access to all sorts of ETFs on the blockchain.

They achieve this by creating a web3 marketplace where traders can easily invest in all types of ETFs, including Commodity and Cryptocurrency ETFs, on a single interface without the involvement of a third party. Unlike traditional financial institutions where purchased ETFs are pegged to the company holding limiting convertibility back to cryptocurrency, ETFswap (ETFS) will enable seamless swapping from tokenized ETFs to crypto assets and vice versa.

To protect users’ identities, ETFswap (ETFS) will leverage a cryptographic approach known as Zero Knowledge Proof (ZK). This approach will help users interact anonymously with the platform without disclosing sensitive information that can be exploited by hackers. The platform will also provide a screener, which will assist users in selecting from a flurry of ETFs available by educating them on each ETF and how to classify them correctly.

However, to gain access to all these excellent features, users will need to hold a portion of ETFS, the platform’s native token. Currently, ETFswap (ETFS) is selling the token in its stage 1 presale to all interested members of the crypto community at $0.00854 per coin. As a bonus, all participants of stage 1 will make a substantial profit on their investments when stage 2 begins at a higher price of $0.01831.

Furthermore, token holders will gain voting rights, enabling them to have a say in suggested modifications and updates on the platform. So, at your fingertips now is the opportunity to trade ETFs and learn about them; all you need to do is buy ETFS in the ongoing presale to transform your investment pattern and significantly boost your portfolio with incredible yields.

 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community