An Ethereum whale has sold more than 8,000 ETH, approximately $24 million. This represents a $3 million loss from the initial purchase before the decline.
An Ethereum whale sold 8,825 ETH, estimated to be worth $25 million, resulting in a loss from the initial purchase. This occurs in the context of recent substantial accumulations of the altcoin leader, which are expected to have a positive future. In the past 24 hours, a minor decline was observed in a wider range of crypto assets, with Ethereum (ETH) experiencing a 1.6% decrease.
Ethereum Whale Dumps Huge Assets
According to Onchain data, an Ethereum whale sold a substantial quantity of ETH from a previous purchase, resulting in a loss. By Lookonchain, the Ethereum whale deposited 8,875 ETH on Binance on August 26, resulting in a loss of $3.96 million. The transaction was valued at approximately $24 million at the current price.
The Ethereum Whale acquired the assets for $27.96 million between July 27 and August 3, before the previous market decline. The current market sentiment elicited various reactions from crypto users on social media platforms.
The initial price surge in the first quarter of this year, which followed the approval of spot Bitcoin ETFs in the United States, has resulted in a significant increase in enormous whale purchases. The price of ether experienced substantial development in response to the Securities and Exchange Commission’s (SEC) approval of spot ETFs.
Macro factors still influence the price of crypto assets, as holders anticipate prospective interest rate cuts that could result in a new wave of inflows into the market. The next market driver will be the next rate reduction, which will cause funds to flow to risky assets as crypto holders focus on it.
What is the future price of ETH?
Recent on-chain data has resulted in the price of Ethereum flashing favorable signals as it regains support. A recent price projection for ETH has sparked speculation regarding a potential Ether rally resulting from a rise in staked assets and a long-term favorable outlook. The price of ETH could experience substantial gains if it surpasses the $3,000 psychological threshold, as indicated by on-chain indicators.
ETH billionaires have increased their holdings by $540 million in the past 96 hours, as data from CryptoQuant indicates that they have accumulated 200,000 ETH. Ethereum’s weekly gains remain at 2.74%, despite a 2.93% decline in the past 24 hours, as of press time. The current price of Ethereum is $2,690.
