The post Are Ethereum Whales In Panic Selling? Trader Sells 10,070 ETH, Making $1 Million Loss appeared on BitcoinEthereumNews.com.

A crypto whale has attracted attention following his massive Ethereum sales. He actually made a significant loss from his sell-off. This transaction happened when broader cryptocurrency markets are seeing a general slowdown. Whale earns $1 million loss from ETH sales According to Lookonchain today, three wallets possibly belonging to the same person made a loss of $1 million after selling 10,070 Ether tokens for 33 million DAI at $3,280. As per Lookonchain, the whale withdrew 24,029 ETH worth $81.3 million from Binance through 10 new wallets three weeks ago when the price of each ETH was $3,383.41. However, with Ether’s price today trading below that level, the whale’s sales have led him to realize a loss of $1 million. Looking at CoinMarketCap, today, Ethereum prices are reading down, trading at $3,175.73 at press time. Currently, the trader holds 13,959 ETH (worth $45.48 million). It is not known why the whale decided to sell his massive Ether tokens at a loss. The move captivated the attention of the cryptocurrency community. One of the possible reasons crypto traders sell tokens at a loss is the need to repay a debt. The whale’s enormous transaction was not a normal sale. It appears he was compelled by some forces to offload the tokens. However, his selling activity occurs at a time when several Ethereum’s whales are dumping their holdings. Today, Justin Sun, the TRON founder, offloaded Ether tokens worth $320.4 million to the HTX cryptocurrency exchange, according to data reported by Spot on Chain. These transactions indicate panic selling as they don’t align with a wider trend of profit-taking. Ether prices are currently down, an occurrence that does not present an opportunity for some investors to make returns. Ethereum price updates Today on Monday, January 13, the global crypto markets generally continue to trade…

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Filed under: News - @ January 14, 2025 3:19 am