The sales in the cryptocurrency market today, especially on the leading altcoin Ethereum (ETH), caused concern among investors. Although not significant compared to the rise in previous days, ETH has experienced a 3% pullback from its peak of $2,273 in the last 24 hours.
The Whale Revealed After 5 Years
A successful on-chain data provider named Look On-Chain followed these sales in Ethereum and shared the following information about the movement of an important whale:
“A whale who invested early in Ethereum appears to be selling crypto again after being inactive for 5 years. Whale deposited 39,260 ETH (worth $87.5 million) to the Kraken exchange 30 minutes ago. Whale bought 47,260 ETH (worth $11.34 million) between June and August 2017 at $240. “If Whale sells all of these ETHs, he will make a profit of $78 million from ETH trading.”
An early $ETH whale appears to be selling ETH again after being dormant for 5 years.
The whale deposited all 39,260 $ETH($87.5M) to #Kraken 30 mins ago.
The whale received 47,260 $ETH($11.34M) at ~$240 from June to August 2017.
If sold the whale would make a profit of ~$78M. pic.twitter.com/v0PI4LNTKO
— Lookonchain (@lookonchain) December 5, 2023
Started Selling
The fact that this whale started selling the ETHs he bought at $240 after holding them for 5 years can be interpreted as a profit-taking strategy of an important investor of Ethereum. However, if such massive crypto sell-offs continue, ETH may see larger declines.
Selling on Smartestmoney.Eth
smartestmoney.eth(@smartestmoney_) appears to be selling $ETH.
He deposited 4,500 $ETH($10.08M) to #Binance just now.https://t.co/xJzBWPvsQJ pic.twitter.com/mXEs5Z8jJj
— Lookonchain (@lookonchain) December 4, 2023
Also noteworthy is that another major investor, Smartestmoney.eth, has started selling crypto on Ethereum. It is stated that a total of 10,633 ETH (worth $23.82 million) deposited on the Binance exchange has raised concerns that the leading altcoin may enter a recovery trend.
Despite the overall upward trend in the crypto market, these sell-offs on Ethereum require investors to closely monitor market fluctuations. Ethereum’s future price movements will depend on the strategies of such major players and overall market conditions.
