An Ethereum whale just cashed out his holding with less profit. This whale deposited 2,375 ETH, worth about $4.96 million, into Binance this morning.
Two years ago, they had taken out 2,334 ETH from Binance when the price was $1,815 per ETH. That transaction was worth around $4.24 million back then.
Even though this sounds like a huge deal, the profit was relatively small, just $660,000. This is a big drop compared to the $5 million in unrealized profits they could have had if they sold at the market’s peak.
Crypto tracking platform LookOnChain noticed the whale’s activity and shared it online. “The drop in $ETH price forced this whale to capitulate.” This means the whale may have sold because Ethereum’s price was falling.
The crypto market has been struggling lately, losing around $100 billion in a single day. At the same time, U.S. tech stocks also took a big hit, with seven major companies losing over $500 billion in value.
This whale’s decision to sell has sparked a lot of discussion among crypto traders. Some think they sold to protect their money before prices dropped even more. Others believe that he is actively moving money to prepare for another investment.
However, when whales buy or sell large amounts of crypto, it can affect the market, so it’s best to keep an eye out for any effect on the market.
At press time, Etherurm has lost 5.12% today from its value, contributing to an 18% loss in a week.
The trading volume is holding up by 17% gained today to $36 billion but with a 5% drop in market cap
Also Read: Bitcoin Bounces Back to $82K as US Market Resumes Buying
