Ethereum Whale Sells $113 Million Worth of ETH: Impact on Market Volatility
The cryptocurrency market was rocked by news of a major Ethereum whale selling off a staggering $113 million worth of ETH over the past two weeks. This whale, who was one of the original participants in Ethereum’s 2014 ICO, has been gradually liquidating their holdings, with a total of 45,000 ETH sold since late September.
According to on-chain tracker Lookonchain, the whale recently transferred 5,000 ETH to Kraken, adding to a series of sales that have taken place over the past few weeks. Despite the significant sales, the whale still holds 94,500 ETH, valued at approximately $230.2 million.
The historical profit on these Ethereum sales is truly mind-blowing. The whale initially purchased 150,000 ETH in the genesis block for just $46,500, at an average price of $0.31 per token. With the recent sales at an average price of $2,516, the participant has seen an incredible 811,513% return on their initial investment.
In addition to this Ethereum sale, Lookonchain also noted another whale’s activity in memecoin trading, with the sale of POPCAT for a profit and the purchase of GIGA. These large sales and purchases by whales can have a significant impact on the market, leading to price fluctuations and uncertainty among investors.
It is crucial for investors to closely monitor the movements of large Ethereum whales and other major players, as their actions can have substantial effects on Ethereum and the broader cryptocurrency market. Stay tuned to Dey There for more updates on this developing story.
