Major Ethereum Whales Liquidate Significant ETH and Wrapped Bitcoin Amid Crypto Market Downturn

Whales Sell Millions in Wrapped Bitcoin and Ethereum Amid Crypto Market Slump.

Earlier this week, the cryptocurrency market experienced a downturn, triggering a significant sell-off by some major players known as “whales.” These notable investors liquidated substantial amounts of Wrapped Bitcoin (WBTC) and Ethereum (ETH), causing ripples in the market. Let’s delve into the details of their transactions, the current state of these assets, and other interesting moves observed on the blockchain.

Whale #1: Wrapped Bitcoin (WBTC) Dump
One prominent whale made headlines by dumping a whopping 150 Wrapped Bitcoin, valued at approximately $4.36 million. The transaction took place at a price of $29,053 per WBTC, as tracked by the blockchain analytics platform Lookonchain.

Whale #2: Ethereum (ETH) Sell-Off
Another whale chose to offload a staggering 3,967 Ethereum, amounting to $7.32 million. This significant sale occurred at a price of $1,846 per ETH. Not to be outdone, a third whale disposed of 7,115 ETH, valued at a massive $13.12 million, at a slightly lower price of $1,844.

Wrapped Bitcoin (WBTC) and Ethereum (ETH) Overview
WBTC, an ERC20 token, is directly backed by Bitcoin (BTC) at a 1:1 ratio. The asset offers the advantages of both Bitcoin and ERC20 tokens, making it possible to create smart contracts for Bitcoin and facilitating swift Bitcoin transfers between exchanges. Unfortunately, both WBTC and ETH endured price dips on Monday. ETH, the second-largest crypto asset by market cap, saw a decrease from a high of $1,904 on Sunday to a low of $1,842. At the time of writing, it is trading at $1,864. Similarly, WBTC went from $30,202 on Sunday to $29,031 on Monday, and it’s currently trading at $29,278.

Other Whale Transactions
Apart from the WBTC and ETH sales, another notable transaction involved a whale depositing 467,825 Uniswap (UNI) tokens to Binance. The sale of these tokens, priced at $5.77 each, amounted to $2.7 million.

However, it’s important to highlight that not all whales were selling. In fact, some whales demonstrated their confidence in the market by making significant purchases. Lookonchain observed one whale investing $5.17 million in the stablecoin USD Coin (USDC) to acquire 2,802 Lido Staked Ether (stETH) on Monday.

Furthermore, this same whale conducted an intriguing exchange of 10 million USDC for 5,421 ETH on the same day, only to convert all the acquired Ethereum back into stETH.

The recent sell-off of Wrapped Bitcoin and Ethereum by influential whales has undoubtedly impacted the crypto market. Nevertheless, the market also witnessed optimistic moves, as some whales made strategic purchases. As the cryptocurrency landscape remains dynamic and subject to change, keeping a close eye on on-chain data will be crucial for understanding market trends and investor sentiment.

Read Also: OKX Releases Industry Leading 9th Consecutive Proof of Reserves in July, Showing USD$11.3 billion in Primary Assets

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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