ETH Whales Offloading Massive Holdings – Should You Be Worried?
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ETH whales are intensifying sell-offs, creating downward pressure on the market despite recent gains. A diamond-handed whale transferred 15,000 ETH to Kraken, signaling strategic moves amid market volatility. Based on reports from a SpotOnChain, an old Ethereum whale—who had been dormant for months—has moved significantly, dumping 12,979 ETH, generating an amazing $34.3 million profit. Originally bought Ethereum back in 2016 when the price was just $7 per ETH, this specific whale had Beginning May, this whale has been progressively selling 15,879 ETH, pocketing an overall profit of $43.5 million at an average price of $2,739 per token. These acts illustrate the possible power early adopters still have on Ethereum’s price dynamics, therefore having a significant impact on the market. After 4 months of silence, an ancient #Ethereum whale with a $58.8M profit cashed in another 12,979 $ETH for $34.3M this week, as $ETH rebounded ~6%! Originally withdrawing 21,632 $ETH from #ShapeShift and #Poloniex in 2016 at $7.074/ETH, the whale has sold 15,879 $ETH since… pic.twitter.com/JrtBinVnj6 — Spot On Chain (@spotonchain) September 28, 2024 After 4 months of silence, an ancient #Ethereum whale with a $58.8M profit cashed in another 12,979 $ETH for $34.3M this week, as $ETH rebounded ~6%! Originally withdrawing 21,632 $ETH from #ShapeShift and #Poloniex in 2016 at $7.074/ETH, the whale has sold 15,879 $ETH since… pic.twitter.com/JrtBinVnj6 — Spot On Chain (@spotonchain) September 28, 2024 Whale Sell-Offs Intensify Amid ETH Shifting Momentum Apart from the activity of this whale, Ethereum has seen a selling-off from other significant holdings. One of the more well-known incidents concerned a whale sold on Coinbase 19,000 ETH valued at $49.17 million. Selling 5,088 ETH, another whale lost a lot of money on Binance—$3.66 million. These large sell-offs seem to have sharpened exactly when Ethereum reached the $2,700 level, implying that whales might be…
Filed under: News - @ September 29, 2024 8:17 am