Ether Whale Dumps $41 Million Before Market Crash
BITmarkets Team
Aug 20, 2023
A crypto whale with a large amount of Ether (ETH) sold $41 million worth of the cryptocurrency a few days before the market plummeted, avoiding a $5 million loss.
Lookonchain, a blockchain analysis tool that follows and distributes what it views to be smart trades, flagged the transaction. The crypto whale placed 22,341 ETH on the Binance platform and withdrew about $41 million in Tether (USDT) on August 18th.
While the crypto whale lost approximately $1.7 million in value, the trader avoided further potential losses that could have exceeded more than $5 million if market prices had collapsed.
On August 18, the market capitalization of cryptocurrency fell by 6% to $1.1 trillion; the lowest level in at least two months.
Ether, the second-largest cryptocurrency by market capitalization, fell from roughly $1,820 per token on August 17 to around $1,597 the next day.
Meanwhile, Bitcoin (BTC), which accounts for over half of the total crypto market, fell from around $28,400 to $25,649 in the same time frame before recovering to around $26,000 in a matter of hours.
Sources:
https://cointelegraph.com/news/ether-whale-dumps-41m-days-before-the-market-crashed