- An Ethereum whale borrowed 15,000 ETH from Aave and quickly sold it for 24.9 million USDT after a little price surge, sparking fear and signaling a potential bearish sentiment among other holders.
- Following the ETH sale, the price of Ethereum dipped by 0.5%, which is $1,653, before recovering to $1,699.
An Ethereum whale borrowed 15,000 ETH from Aave and sold it for 24.9 million USDT at about $1,660 per ETH. This move caused fear in the market and may show that big holders are becoming less confident in Ethereum’s price going higher.
Most times, when whales decide to sell off a portion of their assets, maybe because of a price increase, it shows caution or a lack of confidence in the price’s continued upward momentum. This kind of move can cause a shift in the overall market perception and also create uncertainty amongst other holders.
Whale Reaction Following Ethereum Price Surge
On April 22, Lookonchain, a platform that tracks blockchain activity, reported that a whale borrowed about 15,000 ETH from Aave, another blockchain platform, and sold it for about 24.9 million USDT at an average price of $1,660.
This happened immediately after Ethereum saw a rise in its price, showing how quickly whales sell their holdings after prices go up. The wallet address, 0xfd10…, made the trade within 15 minutes of the increase, pointing to a fast response to market changes.
The size of the crypto and the timing are very important to crypto traders, as some see it as a strategic decision that may signal shifts in market confidence or available liquidity. The decision to switch ETH to USDT could also reflect a plan to lock in profits or limit risk during uncertain conditions.
Ethereum Price Reaction Following Whale Dump
Due to the whale’s action, the value of Ethereum dropped slightly by 0.5% to $1,653, likely due to the large sale, but has risen again to about $1,699 as of the time of writing. The quick drop showed how much big moves can affect price levels. During the same period, the trading volume for the ETH/USDT pair jumped by 15%, hitting 34.5 million USDT.
source: coingecko.com