Whales take profits on Ethereum rebound…hundreds of millions of dollars in sell-offs
Summary
- It reported that during Ethereum(ETH)'s price rebound phase, whales have been taking profits through large-scale selling.
- It said a Trend Research-estimated address, an anonymous OTC whale, and an early Ethereum holder each deposited or sold hundreds of millions of dollars worth of ETH to exchanges.
- It said that if major whales continue profit-taking, additional selling pressure could affect market flows.
Time
In the market rebound phase, Ethereum(ETH) whales have been selling large amounts to take profits.
On the 2nd (local time), LookonChain reported that a Trend Research-estimated address and two whale addresses recently showed movements selling large amounts of Ethereum.
The Trend Research-estimated address deposited 24,051 ETH (approximately $104,300,000) to Binance over the past 9 hours. In addition, an anonymous OTC whale address (0xd8d0) sold 20,830 ETH (approximately $98,300,000) through Wintermute 10 hours ago, and a whale (0x0FeA), known as an early Ethereum holder, also deposited 4000 ETH (approximately $17,310,000) to Kraken 5 hours ago.
As profit-taking by major whales has been observed amid a short-term surge, attention is focusing on how future selling pressure might affect market dynamics. Meanwhile, Ethereum is currently trading on CoinMarketCap at $4384.92, up 5.75% from the previous day.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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