Crypto Whale Sells Off $35.4 Million in Ethereum as ETH Price Plummets
Crypto News– A prominent Ethereum whale, identified by the wallet address 0xf07, has sold off $35.4 million worth of Ethereum (ETH) in the past two days. This transaction coincides with a significant downturn in Ethereum’s price, which has dropped below the $3,500 threshold.
Meanwhile, several other long-term holders have also begun to decrease their exposure to Ethereum.
Initially, the crypto whale acquired ETH during the Ethereum Initial Coin Offering (ICO) in 2015, purchasing 150,000 ETH at a price of just $0.31 per token. Over time, the value of Ethereum has soared, resulting in significant returns on the initial investment.
In the past two days, this investor has deposited a total of 10,000 ETH, valued at $35.4 million, to the crypto exchange Kraken. The average transaction price for these deposits was $3,543 per ETH. The most recent transaction on Tuesday involved a deposit of 5,500 ETH.
The timing suggests a well-calculated decision to maximize returns as market conditions began to deteriorate. On Tuesday, the crypto market faced significant pressure, witnessing nearly $500 million in forced liquidations.
Ethereum bore the brunt of this downturn, with liquidations totaling $92.52 million. Following closely were Bitcoin (BTC) and Dogecoin (DOGE) with liquidations of $73.26 million and $60.35 million, respectively.
Despite this extensive sell-off, the whale still holds a substantial amount of Ethereum. Specifically, 138,900 ETH is staked across eight different crypto wallets, valued at approximately $476 million. This indicates that while the investor has reduced their exposure, they remain significantly invested in Ethereum’s long-term potential.
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