As a seasoned crypto investor with a decade of rollercoaster rides under my belt, I find myself both intrigued and slightly apprehensive by these recent market movements. The Bitcoin whale’s strategic accumulation is a familiar sight, reminiscent of a squirrel stashing acorns for winter. However, the Ethereum whale’s sudden sell-off, despite its massive size, feels like a jittery goldfish changing water at the wrong time – just as the party gets started.
In an unexpected action, a large-scale Ethereum (ETH) investor recently disposed of approximately 14,240 ETH, valued at roughly $37 million. This sale resulted in a substantial loss of around $12.8 million for the investor. This transaction took place as Bitcoin (BTC) hit a record high, but Ethereum still lingers about 47% below its own peak. This abrupt sell-off has sparked curiosity in the market, given that it goes against the optimistic trend arising from Bitcoin’s recent price increases.
As a researcher observing the cryptocurrency landscape, I’ve noticed that while Bitcoin’s ascent to its All-Time High (ATH) has sparked optimism in the market, Ethereum’s price trajectory hasn’t followed this bullish trend quite so closely.
As reported by Lookonchain, a significant investor, or “whale,” purchased approximately 14,233 Ether from Binance over the period from May 29 to Sept. 30, at an average price of roughly $3,502. This transaction amounted to about $49.8 million in total. Unfortunately for this whale, Ethereum’s current price is significantly lower than the initial purchase price. Consequently, the whale has realized a loss of approximately $12.8 million from these transactions.
Today’s BTC value set a new all-time high, while ETH is currently 47.2% below its own all-time high!
— Lookonchain (@lookonchain) November 6, 2024
On the other side of the divide, Bitcoin whales appear to be accumulating. Lookonchain reported that 11 new wallets withdrew 1,807 BTC worth $132 million from Binance in recent hours.
Based on reports from Lookonchain, another significant Bitcoin investor (often referred to as a “whale”) is once again investing in BTC by using a method called recursive borrowing. This whale has allegedly obtained a loan of approximately $27 million from Aave and used it to purchase 366.31 Wrapped Bitcoins (WBTC) at an average price of around $73,708.
Currently, I find myself pondering on the recent turn of events in the cryptocurrency market. It seems a significant BTC player, often referred to as a ‘whale,’ has just experienced a substantial setback. They were liquidated at a loss of approximately $74.98 million, stemming from their short position on Bitcoin.
Ethereum price presents silver lining
Bitcoin recovered overnight, reaching an all-time high. The largest digital asset climbed by as much as 10%, reaching $75,410. Though it had lost some of these gains, it was last up 8% at $74,293.
In today’s trading session, Ethereum saw a significant increase, moving up from $2,420 to $2,643, which is represented by a large green candle. Currently, Ethereum has climbed by 7.63% over the past 24 hours, reaching $2,633. However, this price is still 46.23% lower than its all-time high of $4,891 which was hit on November 16, 2021.
Based on findings from IntoTheBlock, approximately two out of three Ethereum account holders are currently making a profit. This situation could be seen as promising because Ethereum is hovering slightly above crucial on-chain support zones. These zones might help alleviate additional selling pressure and potentially prevent further price declines.
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2024-11-06 16:16