AnunidentifiedwhalehasbeenholdingETHfortenmonthsandthensellsallthecoins.Thisinvestorhadbeenholdingover8800ETH,andinOctober2024,hesoldallthetokenstomakeaprofitof$3M.
Thiswhalefinallygaveupafterholding$ETHforover10monthsandsolditall!
Hewithdrew8,800$ETH($19.82M)from#OKXonJan6andstakedit.
OnOct17andOct25,hedepositedall8,982$ETH($22.93M)to#OKX,making~$3M.
IfhesoldatahighpriceinMarch,theprofit…pic.twitter.com/sCOgOGEnlv
—Lookonchain(@lookonchain)October25,2024
Whale’sStrategicMoves
Initially,thewhaletransferred8,800ETH,whichwasvaluedatapproximately19.82millionUSD,fromthecryptoexchangeOKXonJan6th,2024.Ratherthansellingit,theobtainedEthereumwasstakedinasimilarfashionasothertokens,whichfollowedtheupwardtrendofDeFistaking,wherestakerscanreceivepassiveincomewithoutsacrificingthetokens.
InOctober2024,thewhalebegansellingitscoins.Accordingtotheon-chaindata,theinvestorhaspulledallthe8,982Ethereumforavalueofapproximately$22.93millionbacktotheOKXplatformonthe17thand25thofOctober.Thissequenceoftransfers,whichoccurredovereightconsecutivedays,indicatedthatthewhalehadliquidatedtheirentireEthereumposition.Thelatesttransactionidentifiedisadepositof1,819ETHand7,163ETH,respectively,ontheidentifieddates.
TimingtheMarketforMaximumGains
Ithasnotbeenayear,andindeed,theEthereummarkethasexperiencedquiteavolatility.Ethereumreacheditshighestvalue,goingforover$4,000inMarch2024beforecrashingtoslightlyabove$2,500inlateOctober.Thewhale,nonetheless,managedhisexitsinawaythatwasstillprofitableduringthetimestheywereexecuted.
IfthewhalehadsoldallEthereuminMarchwhenpriceswereattheirhighest,thegainscouldhavebeenmuchhigherandcouldhavesurpassed$16million.Nevertheless,sellinginOctoberimpliesthattheinvestormostprobablysoughtasafeexitfollowingthemarkettrendinthisparticularyear.
ImpactontheEthereumMarket
Suchmassivevolumesofsalesandbuysmayleadtogreatmovementsinthecryptocurrencymarket.Moreover,duetoEthereum’shigherorderliquidityfactor,theeffectsofWhaleselling8,982ETHwerenotimmediatelyreflectedintheEthereumprice.AsofOctober25,2024,Ethereumwaspricedat$2,527/coin,whichhasrisenagainslightlytoanincreaseof0.3%inthelast24hours.
Thisparticularwhalehasdecidedtocuttheirlossesandselloffassetsthey’vebeenholdinginEthereumfornearlyayear,showinghowvolatilelong-termcryptocurrencyinvestingcanbe.
blockchainreporter.net