The third-biggest whale on the Ethereum (ETH) network grew its wallet balance by almost $800 million in the month of July.
According to blockchain tracking service Etherscan, the whale known as Naruto went from a balance of just over $1.71 billion on July 4th to over $2.5 billion at time of writing.
The deep-pocketed investor’s success can largely be attributed to simply holding ETH as no significant transactions have taken place in the last several months, and the whale has no other significant holdings.
The whale’s performance amounts to gains of over 70% at its peak, largely in line with Ethereum’s growth from the beginning of July to today.
At time of writing, Naruto has 1,490,000 ETH worth roughly $2.51 billion.
Last week, a handful of large crypto investors with “BlueWhale” in their wallet labels were spotted making a flurry of transactions worth hundreds of millions of dollars.
WhaleStats showed BlueWhale0116 scooping up FTX Token (FTT), the native asset of the FTX cryptocurrency exchange. The whale initially paid a staggering $213.2 million for 7,112,942 FTT. The large entity went back for seconds and bought another 2,180,000 tokens with a price tag of $58 million.
Another whale labeled as BlueWhale0097 took a liking to Solana-based decentralized exchange Serum (SRM).
BlueWhale0097 initially purchased 12,299,999 SRM worth $11.5 million, then grabbed 9,999,999 SRM valued at $9.35 million, and finished by snapping up another 10,003,937 SRM also with a value of $9.35 million.
At time of writing, Ethereum (ETH) is trading for $1,689.
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Featured Image: Shutterstock/Jorm S