Lookonchain, a prominent data analytics platform, recently tweeted revealing insights into the Ethereum market’s dynamics. According to data sourced from Intotheblock, a staggering 1.38 million addresses collectively procured 1.33 million Ethereum tokens, amounting to a whopping $3.9 billion investment. However, the optimism surrounding these investments has been dampened by the stark reality that these addresses are currently submerged in losses.
At an average purchase price of $2,984 per ETH, investors find themselves facing the daunting challenge of recouping their investments as the market fluctuates. The looming threat of selling pressure mounts as these holders eagerly await the opportunity to break even on their positions, potentially triggering a cascade of sell-offs.
Significant Sell-Offs Shake Ethereum Market
Adding fuel to the fire, four prominent whales made big movements recently in the Ethereum market. The sum of those big entities is 34,134 ETH amounting to approximately $100.8 million at almost the $3k mark. The activities of two particular whales are among these transactions that have been caught by market observers.
The first one, 0x7102 dumped 16,597 ETH worth $48.7 million. The whale however decided to sell at a DEX for $2,934 on February 22nd and this has sent shock waves across the market. More enticing is its background story, where it has been unearthed that on January 12th, 0x7102 had pulled out 16,599 ETH valued at $43.16 million from OKX via five wallets when the price was $2600. However, whatever drove this move is still not yet known hence speculation is high about what it might have been worth in terms of profit which stands at roughly $5.5 million.
Also a major player in the Ethereum market, 0x702a has sold 8,040 ETH worth $23.89 million in both DEX and Binance. In contrast to other sellers that may be seen in the picture, some whales acted differently. One of them is 0x9017 which made a deposit of 4,809 ETH amounting to $14.28 million on Kraken during this tough situation for voting confidence on its platform. Similarly, 0x7485 chose to deposit 4,688 ETH valued at $13.928 million on Binance perhaps suggesting strategic moves soon.
Nevertheless, the actions of these whales serve as a barometer for investor sentiment as the Ethereum market grapples with volatility and uncertainty. With millions at stake, every transaction has an ability to influence market dynamics thereby leaving investors and observers on edge waiting for the next move in this high-stakes game of crypto chess.
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