- An Ethereum whale from 2016 reportedly sold 14,000 ETH via Wintermute OTC, raising speculation about strategic market maneuvers.
- Large ETH transactions suggest whales are shifting holdings, fueling discussions on long-term accumulation versus short-term profit-taking.
Ethereum has regained popularity following the movement of an ancient whale, which sparked widespread market speculation. Suspected to have sold 14,000 ETH via the over-the-counter (OTC) Wintermute platform for over $31.92 million.
If all of these assets have been sold, the profit obtained is estimated to reach $29.07 million. However, is this a sign of a major sell-off or a long-term strategy?
Strategic Moves as Ethereum Faces Pressure
Ethereum is under extreme pressure; at the time of writing, ETH’s price dropped 9.78% in the past 24 hours and 23.17% in the past 7 days. This condition gives whales chances to move tactically. One of them is positioned short with 50x leverage, which yields unrealized gains of around $72 million.
Often an indication of an impending sell-off, CNF also earlier reported that wallet address “0x07Fe…A26D” had deposited 10,000 ETH worth $23.44 million to Binance over the preceding two days.
Another wallet, “0xc725…839d,” had offloaded 8,074 ETH previously at an average price of $2,431, making almost $19.63 million. This kind of activity makes one naturally wonder whether they are making money or just reacting to erratic market dynamics.
Big Players See Opportunity in Volatility
Not all whales, in the meantime, have decided to leave the market. Data provided by crypto expert Ali Martinez during the past 72 hours reveals that Ethereum whales had bought 110,000 ETH. This movement shows institutional investors’ and deep-pocketed people’s trust despite ETH’s volatile price.
History has shown that ETH prices often stabilize or even rise when whales start to gather significantly. This phenomenon also shows how large possibilities seem to investors among market crisis. Perhaps for them, this is the appropriate moment to boost ownership rather than a symbol of devastation.
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