Ethereum Whale Sells $41 Million ETH Prior to Market Tumble
The cryptocurrency market recently experienced one of its most significant downturns in 2023, occurring just a few hours ago.
Both Bitcoin and Ethereum witnessed declines exceeding 10%, causing their individual market capitalizations to decrease to $515 billion and $202 billion correspondingly. Interestingly, before this market crash, a perceptive large investor decided to divest their holdings, effectively safeguarding their assets.
A recent analysis conducted by Lookonchain revealed that this prominent investor disposed of 22,241 ETH, valued at approximately $41 million, just before the abrupt price drop.
Despite incurring a loss of $1.7 million due to the sale, this decision proved to be advantageous as it shielded them from the subsequent market plunge. The on-chain analytics platform pointed out the potential for this investor to repurchase assets at a considerably lower cost in the future.
Simultaneously, there has been a 3% increase in the Coinbase premium for BTC.
$BTC price premium on Coinbase up +3%.
It's either: 1. Some whale entity dumped BTC on Binance or 2. Coinbase whales are buying the dip.https://t.co/CBvH58cfIG pic.twitter.com/ogRDBIgSNw
— Ki Young Ju (@ki_young_ju) August 17, 2023
This development could imply that affluent Coinbase users have already initiated purchases during this market dip. Conversely, the price rise might also be attributed to a substantial sell-off executed by a significant entity on the Binance platform.
READ MORE: Crypto Market Crashes in Less Than 24 Hours, But Regains Ground
During bearish market conditions, accumulating assets due to their reduced valuations is commonly viewed as a reasonable period. Currently, close to 1% of all cryptocurrency-related discussions on various social media platforms revolve around “buying the dip.”
This proportion represents the highest recorded since April 2023, suggesting investors’ prevalent interest in augmenting their cryptocurrency holdings.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
