In the cryptocurrency world, large whale movements can often signal significant shifts in market dynamics. A recent analysis highlighted two altcoin projects where whales were selling.
Ethereum whale continues to sell
According to data from Lookonchain, an Ethereum analytics platform, a prominent Ethereum whale is actively transferring ETH from the Binance exchange. Latest data from Etherscan shows that this whale initiated two significant withdrawals: 8,968 ETH on November 4 and another 8,618 ETH on November 5. In just two days, the whale moved a staggering 17,316 ETH, worth approximately $32 million at the time of writing. However, a whale continues to sell Ethereum.
Lookonchain reported about a few hours ago that a whale address sold 4,271 ETH at an average selling price of $1,875 just 25 minutes ago. Remarkably, this whale still holds 21,000 ETH. This address has spent 32 million USDC since October 20, obtaining 19,250 ETH at an average price of $1,662. Additionally, he withdrew 5,972 ETH from Binance at an average price of $1,780. This whale’s activities underscore the dynamic nature of the cryptocurrency market, where large holders make strategic moves to optimize their positions.
Sleeping whale sells off altcoin BAT
In an unexpected development, a long-dormant whale with wallet address 0xd2c deposited 6.99 million Basic Attention Tokens (BAT) to Coinbase, amounting to $1.49 million at the current price of $0.212 per altcoin. What makes this transaction different is that the whale had previously purchased these BAT tokens from Coinbase at a higher price of $0.257 per token. The accumulation period took place between October 18 and December 20, 2022. Moreover, the total cost turned out to be 1.8 million dollars. This latest transaction represents a loss of $311,000 for the whale, despite holding BAT tokens for over a year.
As of now, the whale no longer owns BAT tokens, underscoring the ever-evolving nature of crypto markets and the risks associated with trading. These latest whale activities, from ETH to BAT deposits, provide insight into the complexity of the cryptocurrency world. It’s also a reminder of the volatility and potential gains and losses that can occur in this fast-paced field. Investors and enthusiasts continue to monitor such whale movements as they influence market sentiment and price trends.
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