Ethereum Whale Dumps Massive Holdings Amid Market Decline

An Ethereum whale sold 8,825 ETH worth approximately $25 million making a loss from the initial purchase. This comes amid recent massive accumulations

An Ethereum whale has sold 8,825 ETH, valued at around $25 million, at a loss from the initial purchase. This news comes amidst recent large accumulations of the altcoin leader, with bullish projections.

Over the last 24 hours, broader crypto assets have seen a slight decline, with ETH dropping by 1.6%.

Ethereum Whale Dumps Large Holdings

Onchain data reveals that an Ethereum whale sold a significant amount of ETH from a previous purchase, taking a hit from the transaction. According to Lookonchain, the whale deposited 8,875 ETH on Binance on Aug 26, making a sale that lost $3.96 million. At current prices, the total transaction was valued at approximately $24 million.

A whale deposited 8,825 $ETH($24M) to #Binance 25 minutes ago to sell, losing $3.96M!

This whale bought 8,825 $ETH($27.96M) at $3,169 from #Binance between Jul 27 and Aug 3 before the market crash.https://t.co/yA0mOcgOcC pic.twitter.com/nysVeaYaQ5

— Lookonchain (@lookonchain) August 26, 2024

The whale had purchased the assets at $27.96 million between July 27 and Aug 3 before the previous market dip. This news sparked mixed reactions from crypto users on social media, given the current market sentiment.

This year has seen large whale purchases, especially after the initial price surge in the first quarter following the approval of spot Bitcoin ETFs in the United States. Ethereum price also saw a substantial rally amid spot ETF approvals by the Securities and Exchange Commission (SEC).

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