In a notable market movement, the early participant of the Ethereum Initial Coin Offering (ICO) shook the market by selling 2000 ETH for an amazing 6 million USDC while the transaction value was around $2,997 per ETH only six hours ago. This activity was revealed by the highly acclaimed crypto analytics company Spot On Chain in one of their latest posts that demonstrates the type of activity of crypto whales.
An investor known in the community of cryptocurrency by his huge position, has bought 33,213 ETH from Ethereum ICO on July 30, 2015. During this period, the cost of ETH was $0.31 per unit. After obtaining the initial stash, the investor conducted several deals, including sending 5,110 ETH to the Kraken exchange or selling them through decentralized exchanges (DEXs) at an average rate of around $2,545.
Ethereum Whale’s $89M Holdings Shape Market
At the moment, this crypto whale holds around 29.7K ETH which is worth about $89.4 million. The funds are spread across three wallets with most likely a large portion in various staking platforms, a popular method used by investors to earn rewards while helping to secure and support the operations of the blockchain network.
This recent transaction is a perfect case of how the big holders can manipulate the market of Ethereum. Market analysts monitor such activities because they give clues to market trends and possible price movements. The sale influences Ethereum market via an injection of a huge amount of money and indications of possible further actions by large-scale holders.
Staking is one of the most popular strategies of Ethereum holders with the recent transition of the network to a proof-of-stake consensus mechanism. The system enables passive earnings to be realized by the investors in the form of bonuses, which makes owning and keeping large volumes of ETH very attractive.
The sustained monitoring and documentation of these whale movements play an important role for experienced holders as well as the beginners in the cryptocurrency world, giving them the idea behind the activity which drives market swings and chances in the digital currency market. While Ethereum evolves and grows its ecosystem, the actions of the market makers will surely be one of the main interests.