Ethereum Whale Sells $33 Million Worth of ETH on Binance: What Happened?
In a move that has triggered attention in the cryptocurrency community, an ETH whale recently offloaded all 10,701 ETH, equivalent to approximately $33 million, on popular exchange Binance.
Market Volatility and Timing
The whale’s decision to liquidate such a large amount of ETH in a single transaction has drawn attention due to its timing amid ongoing market volatility and uncertainty. ETH, the second-largest cryptocurrency by market capitalization, has experienced significant price fluctuations in recent weeks.
Loss-Making Moves
The sale of the 10,701 ETH stash on Binance was executed as Ethereum’s price experienced a downturn, resulting in the whale realizing a $4 million loss. This marks the second loss-making move by the same ETH whale, raising questions about their trading strategy and market timing.
Interest in Ethereum Rises
According to on-chain analytics firm Lookonchain, as crypto prices have been on the decline, Ethereum is seeing the fastest rise in its discussion rate. The new ETF approval in Hong Kong has sparked more interest in the second-largest cryptocurrency, even though shorts are rising rapidly.
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