Ethereum Whale Sells Off $37 Million Worth of ETH Amid Bitcoin All-Time High
In a surprising turn of events, a major Ethereum (ETH) whale recently made a significant sell-off, disposing of 14,240 ETH valued at nearly $37 million. This move resulted in a staggering loss of $12.8 million for the whale, catching the market’s attention amidst Bitcoin’s recent surge to a new all-time high (ATH).
The Whale’s Ethereum Journey
- The whale initially purchased 14,233 ETH from Binance between May 29 and Sept. 30, spending approximately $49.8 million at a high price of $3,502 per ETH.
- With Ethereum’s current price significantly below the whale’s buying price, the sell-off translated into a realized loss of $12.8 million for the investor.
Bitcoin Whales on the Rise
- In contrast to the Ethereum whale’s actions, Bitcoin whales seem to be accumulating their holdings. Recent data from Lookonchain revealed that 11 new wallets withdrew 1,807 BTC worth $132 million from Binance.
- Another Bitcoin whale engaged in recursive borrowing, acquiring 366.31 BTC at an average price of $73,708 after borrowing $27 million from Aave.
Market Movements
- Bitcoin hit a new all-time high, surging by 10% overnight to reach $75,410 before retracing slightly. At the time of writing, it was trading at $74,293.
- Ethereum also experienced a significant uptick, climbing from $2,420 to $2,643 in today’s trading session, marking a 7.63% increase in the last 24 hours. However, it remains 46.23% below its ATH of $4,891.
Ethereum’s Silver Lining
- Despite the whale’s sell-off, 64% of Ethereum addresses are still in profit according to IntoTheBlock data.
- Ethereum is currently above crucial on-chain support levels, which could potentially shield it from further downside pressure.
This recent development in the crypto market showcases the divergent actions of major investors in Ethereum and Bitcoin. While the Ethereum whale’s sell-off raises eyebrows, Bitcoin whales are seemingly bullish on the digital asset. As Bitcoin continues to make new highs, Ethereum’s price movement remains a point of interest for market observers.
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