• 26 May, 2024
Markets News

Ethereum Whales Stir the Crypto Waters: Major Moves Unveiled

In a move within the crypto space, Ethereum whales continue to make waves. Recently, a notable Ethereum ICO participant, as reported by Spot On Chain, made a significant transaction, selling 2,000 ETH for 6M USDC. This move came six hours ago, at the time of the report, with the ETH sold at $2,997 each. The spotlight shines on this whale, who originally acquired 33,213 ETH during the Ethereum Genesis in July 2015 at a modest ICO price of approximately $0.31.

Since then, the whale has engaged in several transactions, including depositing 5,110 ETH to Kraken or selling them via DEX at an average price of around $2,545. As of now, the whale’s holdings are notable, with approximately 29.7K ETH, valued at $89.4M, distributed across three wallets. The majority of these holdings are within staking platforms.

Moreover, additional insights from Lookonchain reveal another whale that is not slowing down. Three hours ago at the time of their statement, the whale invested 10M USDT to purchase 3,279 ETH at $3,050. Currently, the whale’s Ethereum portfolio is massive, holding 86,457 ETH, valued at $257.6M, with an average purchase price of roughly $3,239. 

Besides Ethereum, the whale possesses $271M in stablecoins on the Aave platform. Further demonstrating the whale’s active market participation, they withdrew 21,474 ETH, worth $64.72M, from Binance six hours ago, also at the time of  Lookonchain’s report. Since April 8, this whale has accumulated 107,931 ETH from DEX and Binance, spending a total of $324.77M at an average price of approximately $3,182.

Consequently, these transactions highlight the nature of the cryptocurrency market and the significant role played by whales. Additionally, the activity underscores the liquidity and volatility present within the Ethereum ecosystem. Hence, these maneuvers offer a glimpse into the strategic operations of whales in the crypto space.

At the time of writing, valued at $2,977.10, ETH’s price shows a dip of 3.62% over the past day. This valuation drop sheds light on the possible reasons and timing behind the significant activities of the Ethereum whales.

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