Ethereum Under Pressure: Longling Capital Sells Millions in ETH
Longling Capital has been using the buy low, sell high approach to Ethereum for the past two years. The company increased its profits from swing trading to over $180 million on Monday when it sold Ethereum for millions of dollars. They continued to benefit yesterday after purchasing Ethereum at its lowest point in March. On August 18, Longling Capital traded an additional 5,000 ETH ($21.56 million), according to data published by Lookonchain. Notably, as the company intensified its profit-taking strategy, this was the second Ethereum sale in four days.
Longling Capital Nets $184M Profit from Ethereum Swing Trading Mastery
Remarkably, the investment institute has followed this course throughout the last two years. Lookonchain demonstrated their ability to buy at the bottom and sell at the top by making $184 million off of this trend. Over the previous two years, they have taken out 123,405 ETH ($290 million) from Binance at an average cost of $2,349, to put things in perspective. In the same time frame, they made a profit of $184 million by returning 70,800 ETH ($248 million) to the exchange at an average price of $3,502.
Another Whale Moves Ethereum Holdings After Years of Inactivity
Since Ethereum’s price seems to be declining, other owners are also selling. After 355 days of dormancy, the whale wallet “0x7378,” among others, came back to life and began selling its 18,782 ETH ($80.32 million) holding. It currently possesses 10,209 ETH ($43.32 million) after selling 8,575 ETH ($37 million). Notably, the whale has generated $32.9 million in profit since purchasing the entire collection for $47.4 million a year earlier. Last week, a similar incident occurred when a whale switched its Ethereum holdings after ten years. Since it got Ether in 2015 at a value of $103, the address moved at a gain of $1.5 million.
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