Whale Sells $113 Million in Ethereum
A significant player in Ethereum’s 2014 initial coin offering (ICO) has recently liquidated approximately $113 million in ETH. This transaction occurred over the last two weeks, highlighting considerable market activity from influential holders.
What Triggered the Selling Spree?
On-chain analytics platform Lookonchain revealed that the whale transferred 5,000 ETH to a Kraken wallet on Monday, part of a broader selling strategy that started in late September. Since September 22, this entity has offloaded a total of 45,000 ETH, amounting to $113.2 million in sales. Despite these sales, the wallet still retains a hefty balance of 94,500 ETH, estimated at around $230.2 million.
How Profitable Were These Transactions?
According to Lookonchain, the ICO participant originally acquired 150,000 ETH for just $46,500, equating to an average purchase price of $0.31 per ETH. The recent sell-off of 45,000 ETH was executed at approximately $2,516 each, resulting in a staggering return of 811,513% on their investment.
- The whale’s latest sales have significantly impacted market dynamics.
- The current trading value of ETH is around $2,437.
- Large-scale movements by whales can drive notable price fluctuations in the cryptocurrency sector.
Additionally, Lookonchain noted that another whale has engaged in trading memecoins, selling POPCAT for profit while investing in GIGA. Such major transactions are likely to influence market sentiments and trading patterns substantially.
