From January 1 to December 31, 2023, the price of Ethereum (ETH) increased by 90%, reaching $2281 by the end of the year. On the evening of January 6 of the current year, ETH was valued at $2240, with a slight daily increase of 0.3%.

Interestingly, on January 5, 2024, a large transaction was discovered on the SpotOnChain platform by a user with the nickname "Whale 0x931," who purchased altcoins worth $48 million in just 30 minutes. This mysterious crypto investor exchanged stablecoins USDT and USDC for 21,192 ETH at an average price of $2265.

The mentioned address belongs to a major holder of cryptocurrency with a balance of 79,500 ETH. Remarkably, "Whale 0x931" began increasing their positions on January 13, 2023, buying Ethereum at an average price of $1790.

Currently, the unknown user manages to hold unrealized profits of more than $35 million, exceeding the previous year by 25%.

Right from the beginning of the year, "Kit 0x931" could have earned a tremendous profit in the multi-million-dollar range. However, their decision to increase their positions by 33% at higher prices indicates their very optimistic outlook on the future of Ethereum.

Nevertheless, even a $48 million purchase hardly had any impact on the ETH price. The slight daily increase is largely explained by the fact that the price of Bitcoin is approaching the $44,000 mark.