As the crypto market experiences a plunge, investors who have actively positioned themselves in ether, the native crypto of the Ethereum blockchain, are withdrawing their gains. In this context, we observe a selling trend among several large investors. A dynamic that sparks speculation about the prospects of crypto.
Ethereum: Big investors withdraw their winnings
According to recent data, Ethereum whales are taking advantage of falling crypto prices to pocket their profits. These large investors thus carry out significant transactions amounting to millions.
Information show that over the last four days, three savvy traders collectively sold 26,946 ETH, for a total amount of $95.7 million. Their combined profits from these transactions reached an impressive $39 million.
One of these traders, identified as 0xb82, strategically sold 7,300 ETH for $24.4 million in stablecoins through Binance. This Ethereum whale thus made a substantial profit of 22.7%, equivalent to a remarkable amount of $4.59 million.
Three days ago, on March 16, 0xebf, another trader deposited 8,870 ETH worth $33.1 million on Binance. A transaction that allowed this Ethereum whale to make a total profit estimated at $25.3 million for an impressive gain of 55.8%. While the day before, 0xa43 made a gain of $9.14 million for the sale of 10,776 ETH.
A trend set to strengthen?
It must be said that these transactions follow the fall in the price of ether of more than 11% since the start of the week. Indeed, after reaching $4,093, its highest level in two years, Ethereum crypto experienced an impressive fall which brought its price back to around $3,355.
Crypto data provider CoinGlass notes that over the past 24 hours, liquidated positions amounted to $120 million. Of this total, around 85% of positions concern long-standing investments.
This has analysts saying that we are in the middle of what appears to be a selling and profit-taking trend among investors. A dynamic that sparks speculation about the trajectory of ether and the crypto market as a whole.
Ultimately, the ability of the leading altcoin to stabilize will largely depend on ongoing events in the market. These have the potential to determine not only the outlook for crypto, but also the reactions of market participants.
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