bitcoin and in cryptocurrencies A hot whale movement was observed for an altcoin as the levels gained after the rise were tried to be maintained.
Giant Altcoin Whale Sends $50.36M Valued Ethereum to Binance
When the on-chain data is analyzed, it is seen that a whale account sent a total of 32,869 Ethereum ($50.36 million) to the crypto exchange Binance.
Apart from this last transaction, the same whale previously bought 73,731 stETH altcoins by paying 70,101 ETH at a rate of 0.951 after a minor depeg between stETH and ETH on June 14, and then sold 75,451 of them at a rate of 0.988, resulting in 74,511 ETH.
At that time, due to a wave of FUD related to stETH tokens, the price gap between ETH and this wrapped token was widened.
Whale made a total profit of 4,411 ETH ($5.4 million) from this trade. This whale was able to make a substantial profit by taking advantage of a temporary difference between the two cryptocurrencies, demonstrating the importance of being aware of market fluctuations and profit potential in the volatile world of cryptocurrencies.
This can refer to a few different things. It could mean that the whale wants to trade its Ethereum for other altcoins on the Binance exchange. Alternatively, it could mean that the whale wants to sell its Ethereum for fiat currency on the exchange. Without more information, it’s hard to say definitively what the motivations or intentions of this particular whale were.
*Not investment advice.
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