Ethereum Whales Giving Up, 10,070 ETH Sold

by

As a researcher delving into Ethereum (ETH) market trends, it appears that large-scale investors, commonly known as ‘whales’, are showing signs of fatigue with their long-term holdings. Based on data from the cryptocurrency analytics platform Lookonchain, these whales have offloaded approximately 10,070 ETH within the past 24 hours, hinting at potential dissatisfaction with the ongoing price downturn.

Ethereum whale sell-off

According to Lookonchain data, it appears that three wallets, possibly belonging to a single large investor (referred to as a “whale”), transferred 10,070 Ethereum (ETH) for approximately 33 million DAI. This transaction took place when the price of ETH was around $3,280. As a result of this sale, the whale incurred a loss of roughly $1 million, which is an unexpected move that suggests a sense of urgency or financial strain.

Nevertheless, this Ethereum investor is no stranger to the crypto market. Approximately three weeks back, they removed a substantial amount of 24,029 Ethereum, equivalent to approximately $81.3 million, from Binance exchange. Despite the recent downturn in the market, this same investor continues to hold onto 13,959 ETH, which is currently valued at around $45.48 million.

3 large crypto investors (possibly the same one) recently sold 10,070 Ether for approximately 33 million Dai at around $3,280 each, resulting in a loss of about $1 million. These whales had withdrawn 24,029 Ether ($81.3 million) from Binance three weeks ago and currently hold 13,959 Ether worth around $45.48 million.

— Lookonchain (@lookonchain) January 13, 2025

It’s worth mentioning that along with other entities, the Ethereum Foundation is offloading ETH. Whether this large-scale selling is a new pattern or unique to these groups isn’t clear yet. Interestingly, the price of Ethereum has been following the general market trend and has been declining. Currently, the coin is being traded for $3,177.05, representing a 2.66% drop over the past day.

The current price has not been this low for the past week, which could indicate that large investors are becoming less certain about the asset’s potential.

Ethereum still attracting

According to an update from Lookonchain and a recent report, it appears that the majority of Ethereum (ETH) owners plan to hold onto their investments for an extended period.

Ethereum continues to be an appealing choice for digital assets and its underlying protocol. Developers are constantly refining the protocol, with a series of improvements on the horizon. Ranging from the Pectra update to Fusaka, the goal to boost Ethereum’s practicality this year remains ambitious.

Vitalik Buterin, co-founder, consistently expresses his ambition to integrate Ethereum with upcoming real-world technologies. Experts foresee significant advancements for Ethereum in the next ten years, including AI integration, making it one of the most promising projects to invest in, according to them.

Read More

2025-01-13 12:35