According to our Intel, we are seeing that Ethereum Whales are selling their holdings at a significant rate. An example of such an instance is when one whale sold 4,549 Ether worth 8.78 million dollars for $1,930 around 14 hours ago. It is worth noting that this whale had spent around 6 million dollars to buy 4,549 Ether at a price of $1,319 on January 9th. This means that they had made a profit amounting to 2.78 million dollars.
Ethereum Whale Made $2.78 Million in 6 Months
— Lookonchain (@lookonchain) July 16, 2023
This pattern among the Ethereum whales is speculated to have been triggered by the desire to reap large amounts of profit from cryptocurrencies. This is after the XRP token got a partial win in court when the judge ruled in its favor saying that the token was not a security when sold on digital asset exchange platforms. The ruling has favored many other coins in the crypto exchange market.
Ethereum has therefore enjoyed a positive market sentiment and has risen up to $2,000. This was a golden opportunity for any Ethereum holder to sell and earn a substantial amount of profit. Unfortunately, when the Ethereum whales started selling, the price of Ethereum started going down. As a result, many investors realized that there is a huge impact made by whales in the exchange market.