An Ethereum whale sold $41 million worth of altcoins a few days before the market crashed. Thus, his whale was spared a potential loss of $5 million. The transaction in question was detected by Blockchain analysis platform Lookonchain and announced to its followers.
Whale debuted before altcoin price fell hard!
Cryptocurrency enthusiasts closely monitor the actions of large holders, often referred to as “whales”. Recently, a crypto whale made a significant move by protecting itself from potential losses. Days before the crypto industry plunged into decline, a prominent Ethereum whale sold out $41 million worth of ETH. This strategic move saved the crypto whale from a potential $5 million loss. This amount would have been more significant had they waited a little longer.
The transaction was detected by Blockchain analysis firm Lookonchain. Whale invested 22,341 Ethereum (ETH) on Binance, the world’s largest crypto exchange. He then converted it into Tether (USDT) worth about $41 million. Meanwhile, the altcoin whale had to endure a small drop of $1.7 million. However, the broader picture shows it avoids a more significant potential loss.
The whale was very smart and dumped 22,341 $ETH ($41M) before the market crashed.
Even though he lost ~$1.7M this time, he successfully avoided the market crash.
Perhaps he will buy $ETH back at a cheaper price in the future.
Follow this smart whale.👇https://t.co/S4Wv8XRlhW pic.twitter.com/BcdzdpmbIA
— Lookonchain (@lookonchain) August 18, 2023
The blood loss continues in the crypto market!
cryptocoin.com As you follow, the crypto market cap dropped by 6% on August 18. Thus, it fell to 1.1 trillion dollars. This figure marks the lowest level in the last two months. Notably, the price of the leading altcoin dropped from $1,820 on August 17 to about $1,680 on August 18.
Adding to the complexity of the market’s behavior, Bitcoin (BTC) has seen its value drop from $28,400 to $25,649 over the same time frame. Bitcoin accounts for half of the entire crypto market. In this respect, it is a dominant cryptocurrency. However, BTC could not avoid falling to the level of 25 thousand dollars by taking its share from the decline. However, BTC later rebounded, surpassing $26,000.
Bitcoin and altcoin market fluctuations continue
Some experts attribute the drop in crypto prices to being influenced by a Wall Street Journal article claiming that Elon Musk’s aerospace technology firm SpaceX sold $373 million worth of BTC from 2021 to 2022. Because, this statement ignited a storm of speculation in the Bitcoin and altcoin market.
Meanwhile, the scope of SpaceX’s BTC sale remained in limbo. While some believe the company has liquidated its entire Bitcoin reserve, others are not so sure. The cryptocurrency ecosystem continues to be an area of rapid exchange and volatility. The actions of big players like Ethereum whale and even industry giants like Elon Musk underline the need for all enthusiasts to be vigilant and make wise decisions.
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