In the last 24 hours, five major altcoin Ethereum investors and funds transferred 32,527 ETH, equivalent to $109 million, to centralized exchanges (CEX). The move raised concerns that the bottom of the recent market correction may not yet be seen.
Are whales cashing altcoin ETH?
The first of the whales to transfer is 0x213, the multisig wallet of the iExec RLC altcoin team. This wallet deposited 12,500 ETH, worth approximately $41.7 million, to the Kraken exchange 8 hours ago. At the time of the transfer, the price of Ethereum was $3,339. The second whale is known by the short address 0x50b. This wallet transferred 11,600 ETH worth $39.1 million to the Binance exchange in the last 22 hours. At the time of the transfer, the price of Ethereum was $3,374.
The third whale is Metalpha multisig 0x435. This wallet transferred 8,427 ETH worth $28.2 million to the Binance exchange just an hour ago. At the time of the transfer, the price of Ethereum was $3,347. The fact that these whales transferred their ETH to centralized exchanges raised concerns among investors. Some investors believe that the whales believe that the bottom of the recent market correction has not yet been seen and therefore are trying to cover their positions by selling their ETH.
$2.28 million loss in the last 7 days
According to a study by @ai_9684xtpa, it was determined that two ETH whale addresses (presumed to belong to the same person) lost a total of $ 2.28 million in the last 7 days. The address starting with 0x6c1 lost $800,000, and the address starting with 0x73b lost $1.48 million. According to a research conducted by Lookonchain, a whale address that made high-frequency transactions in the last 5 days lost $ 1.47 million in three transactions. This investor bought and sold ETH 30 times in total.
So, he made a profit in 9 trades. Although the win rate was 29%, the total profit was $4.23 million. The investor’s most profitable transaction was to hold ETH for a year and then sell it. He made a profit of approximately $6.5 million from this transaction. Three major Ethereum investors and funds transferred their ETH to centralized exchanges in the last 24 hours, sparking concerns among market watchers.
Some investors believe that the whales believe that the bottom of the recent market correction has not yet been seen and therefore are trying to cover their positions by selling their ETH. On the other hand, it appears that two ETH whale addresses and a high-frequency trading whale address have also suffered losses in the last 7 days. This situation reveals the uncertainty and risks prevailing in the ETH market.
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