Ethereum Whales Cash Out Millions Amid Market Downturn

During a volatile week for the crypto market, significant Ethereum holders have made notable transactions, cashing out millions before a downturn in Ethereum's price.

In the last four days, three astute traders have collectively sold 26,946 ETH, amounting to a staggering $95.7 million. Data from Spot On Chain reveals their combined profits, totaling an impressive $39 million.

The first trader, known as “0xb82,” strategically sold 7,300 ETH for $24.4 million in stablecoins via Binance, yielding a substantial profit of 22.7%, equivalent to $4.59 million. Following suit, “0xebf” deposited 8,870 ETH, valued at $33.1 million, onto Binance on March 16, realizing an estimated total profit of $25.3 million, marking an impressive gain of 55.8%. Lastly, “0xa43” sold 10,776 ETH for $38.2 million on March 15, garnering a notable profit of $9.14 million, representing a gain of 31.5%.

These transactions occurred as Ethereum’s price plummeted over 11% since the beginning of the week. After reaching a two-year high of $4,093, Ethereum experienced a significant sell-off, with its price dropping to $3,200 per ETH. CoinGlass data indicates that within the last 24 hours, liquidations totaling $120 million occurred, predominantly long positions, signaling widespread sell-offs and profit-taking among investors.

The substantial cash-outs by ETH holders amidst the price decline prompt speculation about Ethereum’s future trajectory and the broader cryptocurrency market. The resilience of the leading altcoin will likely hinge on how events unfold in the near term, with potential implications for market dynamics.

Author

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.