A prominent Ethereum (ETH) whale recently made the unexpected decision to sell 14,240 ETH for around $37 million at a huge loss of $12.8 million. Ethereum is still about 47% behind its own all-time high (ATH), whereas Bitcoin (BTC) hit a new ATH at the time of this transaction. The market has taken notice of this abrupt sell-off since it runs counter to the widespread optimism that has followed Bitcoin’s recent advances.
Ethereum’s price has not reflected this rising trend to the same degree as Bitcoin, whose rise to its all-time high has given the cryptocurrency sector fresh hope.
Between May 29 and September 30, the whale purchased 14,233 Ethereum from Binance at a peak price of $3,502, totalling almost $49.8 million, according to Lookonchain, which reported the event. However, the whale’s sell-off has resulted in a realised loss of $12.8 million, given Ethereum’s price is presently far lower than that level.
Bitcoin whales seem to be building up on the other side of the split. According to Lookonchain, 11 new wallets just took out $132 million, or 1,807 BTC, from Binance.
https://x.com/lookonchain/status/1854037536538243261
Lookonchain claims that another Bitcoin whale is now long on BTC through recursive borrowing. According to reports, the whale acquired 366.31 WBTC at an average price of $73,708 by borrowing $27 million from Aave.
After shorting Bitcoin and getting liquidated for $74.98 million, a Bitcoin whale is currently tallying its losses.
Ethereum price presents silver lining
Overnight, Bitcoin bounced back and hit a record high. At $75,410, the biggest digital asset increased by as much as 10%. Despite losing some of these gains, it ended the day up 8% at $74,293.
Ethereum also made a huge green candle in today’s trading session, rising from lows of $2,420 to $2,643. As of this writing, ETH has increased 7.63% over the previous day to $2,633, although it had fallen 46.23% from its peak of $4,891 on November 16, 2021.
Sixty-four percent of Ethereum addresses are still profitable, according to IntoTheBlock statistics. There is a bright side to this situation, too, as Ethereum is now hovering just above important on-chain support levels, which might serve as a buffer against any downward pressure.
