$8.8 Million in Ethereum (ETH) Sold by Crypto Whale: Price Impact

Please fol­low and like us:
Pin Share

A cryp­to whale known for its shrewd trad­ing strate­gies offloaded a stag­ger­ing $8.78 mil­lion worth of Ethereum (ETH), accord­ing to data from the on-chain ana­lyt­ics plat­form LookOnChain. 

The trad­er sold 3,360 ETH at an aver­age price of $2,615, earn­ing about $1.3 mil­lion in prof­it. This move fol­lows a sim­i­lar strat­e­gy where the same enti­ty sold 367 Wrapped Bit­coin (WBTC) val­ued at $17.35 mil­lion at $47,288 each two days pri­or, secur­ing a prof­it of around $1.35 million.

Ethereum Whales’ On-Chain Behavior

The trans­ac­tions were exe­cut­ed through a trio of wal­lets, iden­ti­fied by their address­es as 0xAc4c, 0x36c2, and 0x8B20. This strat­e­gy indeed show­cas­es the com­plex­i­ty and plan­ning behind these large-scale trades. The tim­ing of the Ethereum sale coin­cid­ed with a near 6% increase in its price, which surged to $2,658 today. 

This uptick in ETH’s mar­ket val­ue is attrib­uted to recent devel­op­ments in the finan­cial sec­tor. Franklin Tem­ple­ton, a glob­al invest­ment giant, filed with the US Secu­ri­ties and Exchange Com­mis­sion (SEC) for a spot Ethereum ETF. This move added to the ris­ing inter­est in cryp­to-based finan­cial prod­ucts from major asset man­age­ment firms like Black­Rock, Grayscale, and VanEck.

Read more: Ethereum (ETH) Price Pre­dic­tion 2024/2025/2030

Ethereum Price Performance
Ethereum Price Per­for­mance. Source: BeIn­Cryp­to

The cryp­to whale’s sale of a large amount of Ethereum seems strate­gic. It aimed to seize the price surge and secure prof­its before any mar­ket drop.

Amid these large-scale sell-offs, oth­er cryp­to whales are tak­ing a dif­fer­ent approach. LookOn­Chain report­ed a sig­nif­i­cant Ethereum accu­mu­la­tion by oth­er large entities. 

Notably, a cryp­to whale with the address 0x7a95 with­drew 9,959 ETH, worth $24.67 mil­lion, from Binance just before the recent price surge. Anoth­er notable investor, oper­at­ing under the address 0xdde0, has been active­ly accu­mu­lat­ing ETH and lever­ag­ing DeFi pro­to­cols like Spark to go long on Ethereum.

This whale has moved an astound­ing 39,900 ETH, worth $99.5 mil­lion, from var­i­ous cryp­to exchanges, includ­ing Binance, Bybit, OKX, and Bitfinex, since Feb­ru­ary 1, at an aver­age pur­chase price of $2,492.

Read more: How to Buy Ethereum (ETH) and Every­thing You Need to Know

Rekt Cap­i­tal, a pseu­do­ny­mous cryp­to ana­lyst, echoed the sen­ti­ments of bull­ish traders. He sug­gest­ed Ethereum might test a major resis­tance near $2,791. This hints at more pos­si­ble gains for the sec­ond-largest cryp­tocur­ren­cy by mar­ket cap. 

More­over, oth­er cryp­tocur­ren­cy traders antic­i­pate a price rise of up to $10,000 for Ethereum. 

“The only home I know for ETH is above $10,000,” a pseu­do­ny­mous cryp­to ana­lyst, Wolf said.

Dis­claimer

In line with the Trust Project guide­lines, this price analy­sis arti­cle is for infor­ma­tion­al pur­pos­es only and should not be con­sid­ered finan­cial or invest­ment advice. BeIn­Cryp­to is com­mit­ted to accu­rate, unbi­ased report­ing, but mar­ket con­di­tions are sub­ject to change with­out notice. Always con­duct your own research and con­sult with a pro­fes­sion­al before mak­ing any finan­cial deci­sions. Please note that our Terms and Con­di­tionsPri­va­cy Pol­i­cy, and Dis­claimers have been updated.



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.