As a seasoned crypto investor with over a decade of experience under my belt, I must say that the recent move by the $1.14 billion Ethereum whale has me slightly concerned. While I understand that whales come and go as they please, the sheer volume of ETH this individual is selling could potentially put pressure on the market in the near future.
A large investor holding approximately 1.14 billion dollars in Ethereum, the second most valuable cryptocurrency, has become active in the market after a long hiatus of eight years and is now gradually disposing of their holdings.
As reported by Lookonchain, a firm specializing in on-chain analysis, a significant crypto investor (often referred to as a “whale”) currently holds approximately 398,891 Ether in their digital wallet. Recently, this whale has initiated the transfer of some of these assets to cryptocurrency exchanges, suggesting an intent to sell. To date, they have offloaded around 13,400 Ether, equating to a value of approximately $37.38 million.
According to reports, a whale began purchasing Ethereum (ETH) as far back as early 2016 via the decentralized exchange ShapeShift. At that time, each ETH token was worth approximately $3.5. The company has traced this activity to at least 28 distinct wallets.
In August 2016, these 28 digital wallets transferred their assets to fresh wallets and then remained inactive for approximately eight years. However, with a 6.8% increase in the price of Ethereum, this large-scale investor initiated selling actions.
As a research analyst, I’ve just noticed an intriguing development: A cryptocurrency whale, holding approximately 398,891 ETH ($1.14B) has become active after a prolonged silence of over 8 years! In the last 6 hours alone, this entity has sold around 13,400 ETH, equivalent to $37.38M, with an average selling price of $2,790 per token. Interestingly, I’ve found 28 wallets that have been consistently accumulating ETH from ShapeShift since January 2016.
— Lookonchain (@lookonchain) November 7, 2024
As an analyst, I find myself examining the significant hoard of Ethereum worth approximately $1.14 billion held by a whale. This massive stash hints at potential escalating selling actions in the upcoming period. Such sales may exert substantial downward pressure on the cryptocurrency market, potentially leading to suboptimal price trends.
In terms of performance over the past year, Ethereum has lagged behind Bitcoin significantly. As per CryptoCompare’s data, while Bitcoin has surged over 111%, Ethereum has only seen a rise of approximately 49%.
The strong showing of Bitcoin can in part be attributed to the thriving market of Bitcoin exchange-traded funds (ETFs), which were introduced early this year and are currently experiencing exceptional trading volumes. In contrast, the Ethereum ETFs have underperformed.
Additionally, many believed that Donald Trump’s victory in the US elections would lead to an increase in cryptocurrency prices due to his expressed positive views on the cryptocurrency sector. This could potentially mean less regulatory uncertainty and the appointment of pro-cryptocurrency individuals to influential roles, which might enhance the regulatory environment.
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2024-11-08 04:15