CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

Ethereum Whale Avoids Market Crash, Do They Know Something You Don’t? | CPT PPP Coverage

 | cutline • press clip • news of the day |

Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE

200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |

View more Headlines & Breaking News here, as covered by cryptopolytech.com


Ethereum Whale Avoids Market Crash, Do They Know Something You Don’t? appeared on www.newsbtc.com by Scott Matherson.

While the broader cryptocurrency market recently took a nosedive, some mysterious Ethereum whale successfully escaped with $41 million worth of ETH. Days later, the price of ETH went down, along with BTC and other cryptocurrencies. Did this whale know something the rest of the market didn’t?

Ethereum Whale Sells $41 Million Before Market Crash

In the early hours of August 18, the crypto market saw investors reacting to SpaceX selling its $373 million Bitcoin holdings, pushing down Bitcoin by more than 8% in a matter of minutes. During this period, the crypto market cap dropped to $1.1 trillion,  and Ethereum also saw its value plummet by almost 6%. 

On-chain data provided by Lookonchain reveals that a smart Ethereum whale dumped 22,341 ETH worth $41 million just prior on August 14. On-chain investigation shows that the whale moved their ETH holdings to the Binance exchange and then withdrew $41 million worth of Tether USDT.

While this whale still made a loss of $1.7 million in the sale, if they hadn’t moved their funds, they would have lost at least $5 million in the crash. 

Coincidentally, this isn’t the first time this trader has made headline trades. This savvy Ethereum whale has shown signs of being able to predict market movements before and has had a 100% winning rate in recent months. 

The whale profited from the SEC and Spot Bitcoin ETFs saga. When ETH plummeted in reaction to news of the SEC rejecting spot Bitcoin applications from BlackRock and other investment companies, this whale saw this as an opportunity to buy the dip on June 30. 

They bought 8,188 ETH worth $15.23 million at $1,860 per ETH, and ETH would later rise to $1948.60 in the hours after.

Do Whales Sometimes Have Insider Knowledge?

While we can’t know for sure if whales have access to insider information, their actions are worth paying attention to. It could be that this whale knew something was going to trigger a price crash or was just making the right trading decision at the right time. 

Nevertheless, whale moves could signal future price action due to the sheer size of their holdings. So by closely following the on-chain activity of major holders, investors might gain useful insights. 

The market is still yet to bounce back from the recent dip. At the time of writing, ETH is down by 1.80% in the past 24 hours and down by 10.19% in a 7-day timeframe. Bitcoin and XRP are also down by 11.87% and 19.87%, respectively in a 7-day timeframe.

ETH price jumps to $1,681 | Source: ETHUSD on Tradingview.com

Featured image from iStock, chart from Tradingview.com



FEATURED ‘News of the Day’, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or [NEWSer CHEWSer].
View ALL Headlines & Breaking News here.

Source Information (if available)

This article originally appeared on www.newsbtc.com by Scott Matherson – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like Ethereum Whale Avoids Market Crash, Do They Know Something You Don’t?

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like