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By selling a big chunk of its Ether holdings, the crypto whale protected itself from a potential $5 million loss.
For cryptocurrency enthusiasts, the actions of large holders, often referred to as “whales,” are closely monitored. Recently, one crypto whale made a major move by unsuspectedly protecting itself from possible losses.
Days before the crypto sector took a plunge, a prominent Ether (ETH) holder offloaded a whopping $41 million in ETH. This strategic move spared the crypto whale from a potential $5 million loss, an amount that would have been more substantial had they waited a little longer.
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The transaction was spotted and reported by blockchain analysis firm Lookonchain. It is believed that the whale deposited 22,341 Ether (ETH) on the crypto exchange Binance, converting it to approximately $41 million in Tether (USDT).
Though the trader had to bear a minor $1.7 million dip, the broader picture shows they evaded a more significant potential loss.
On August 18th, the market cap of the crypto realm shrunk by 6% to $1.1 trillion. This figure marked its lowest in the past two months. Specifically, Ether’s price fell from $1,820 per unit on August 17th to around $1,680 on August 18th.
Adding to the complexity of the market’s behavior, Bitcoin (BTC) saw its value drop from $28,400 to $25,649 within the same time frame. The dominant cryptocurrency, making up half the entire crypto market, managed a rebound, with its value soaring past $26,000 in just a few hours.
It is believed that the dip in crypto prices was influenced by The Wall Street Journal’s article claiming that Elon Musk’s aerospace technology firm SpaceX wrote down $373 million worth of BTC from 2021 to 2022. This revelation ignited a storm of speculation.
The extent of SpaceX’s BTC sell-off remained wrapped in uncertainty. While some believed the company liquidated its entire Bitcoin reserve, others weren’t so sure.
The cryptocurrency ecosystem remains a space of rapid change and volatility. The actions of major players, like the Ether whale and even industry giants like Elon Musk, underscore the need for vigilance and astute decision-making for all enthusiasts.
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she’s not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.
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