The post Ethereum Whale Makes Significant Sales appeared on BitcoinEthereumNews.com.

An Ethereum whale has leveraged the recent surge in ETH prices to execute significant sales, realizing substantial profits. As ETH prices soared above $2,600, this particular investor sold 15,000 ETH, securing a profit of $40 million. This action highlights the whale’s strategic moves to capitalize on market conditions. Whale’s Trading Activity Data from blockchain tracking platform SpotonChain revealed that the whale transferred their ETH to exchanges just before notable price declines. This move came shortly after Ethereum co-founder Vitalik Buterin sent 400 ETH to the crypto mixer Railgun. Over the past month, this whale moved 25,000 ETH worth $74 million to Kraken in two separate transactions. Access NEWSLINKER to get the latest technology news. Recent Market Impact In the past 12 hours alone, 15,000 ETH valued at $39.7 million, with an average price of $2,645, was transferred. This whale activity led to a 2.5% drop in Ethereum’s price, which continues to attract buyers at the $2,600 level, maintaining a market cap of $313 billion. On July 25th, the same whale transferred 10,000 ETH worth $34.7 million, causing a 7.6% price drop. Key Insights from Whale’s Behavior – The whale’s strategic timing of sales indicates advanced market foresight.– Significant sales correlate with noticeable price drops in Ethereum.– Holding large amounts of ETH can influence short-term market dynamics.– Monitoring whale activity can provide valuable cues for other investors. On-Chain Data Analysis On-chain data shows that this whale purchased 96,639 ETH from Coinbase during September 2022’s crypto winter and held it until March 2024 without selling. In March 2024, they sold 55,000 ETH worth $176 million at an average price of $3,199, reflecting a strategic approach to maximizing returns. Ethereum’s price faces ongoing selling pressure due to death cross formations on technical charts and its inability to break the $2,600 mark permanently. Market…

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Filed under: News - @ August 21, 2024 9:27 am