ETH whales have made significant moves during a volatile week for the cryptocurrency market, paying out millions of dollars prior to Ethereum’s price decline. During the last four days of market halt, three astute traders have sold off an astounding 26,946 ETH, which is worth an astounding $95.7 million. Based on information provided by Spot On Chain, their combined earnings total an amazing $39 million.
The first trader, “0xb82,” made a calculated decision to sell 7,300 ETH for $24.4 million in stablecoins on Binance. This resulted in a profit of 22.7%, or an astounding $4.59 million. Closely followed, on March 16, “0xebf” deposited 8,870 ETH, worth $33.1 million, on Binance, generating an estimated profit of $25.3 million, an outstanding 55.8% gain.
Last but not least, on March 15, “0xa43” sold 10,776 ETH for $38.2 million, generating a noteworthy $9.14 million profit—or a 31.5% gain.
These actions take place in the context of Ethereum’s price falling by more than 11% since the week’s beginning. Ethereum saw a large sell-off last week, after hitting a two-year high of $4,093, which caused its price to drop below $3,200 per ETH.
According to CoinGlass, $120 million worth of positions were liquidated in the last day, with an estimated 85% of those positions being long, indicating a wave of sell-offs and profit-taking among investors.
There are concerns over the future course of Ethereum and the cryptocurrency industry as a whole due to the widespread cash-outs by ETH whales during the price decline. The primary altcoin’s ability to gain traction will mostly depend on how things play out in the long run.
