Ethereum Whale Offloads Holdings Amidst Market Downturn

Ethereum (ETH) tumbled 6.45% in the past week, marking a rough stretch for the world’s second-largest cryptocurrency. Generally, Ether has left investors much to desire in recent times with a price decline of 16.57% over the last few months. Amidst this bearish market, a crypto whale has sold off all his Ethereum tokens drawing much attention from traders and market experts alike.  Related Reading: Ethereum Price Signals Fresh Increase Unless Fails To Surpass $3,080 ETH Whale Liquidates Holdings, Incurs Substantial Loss In an X post on May 11, blockchain tracking platform Lookonchain reported that a crypto whale offloaded all its 6,714 ETH tokens at a market price of $19.5 million. While the profit looks quite massive, LookonChain states that the investor actually recorded a loss of $6.5 million based on the acquisition price of these tokens. Generally, whale transactions gain much attention among investors as they are viewed as indicators of market trends. Thus, if a whale suddenly sells a large portion or all of their holdings it may be interpreted as a bearish signal prompting other investors to follow suit, resulting in a price dip. However, that may not necessarily be the case with the ETH market following this recent whale sell-off. With the Bitcoin halving completed in April, the crypto bull run is expected to begin in the following months based on historical data.  In previous times, Ethereum has proven as one of the most favorable assets for investors in this period. Notably, the altcoin gained by over 2000% in the months following the Bitcoin halving in 2020. Thus, most ETH investors are likely to hold on to their tokens.  Aside from Ethereum, the whale also liquidated all its 428,047 Optimism (OP) and 901,685 Arbitrum (ARB) at a loss of $902, 000 and $1.08 million respectively. In total, they incurred a loss of $8.43 million in offloading their investments in the three prominent altcoins. Related Reading: Ethereum Foundation Moves 1,000 ETH Is The Top In? ETH Price Overview At the time of writing, ETH trades at $2,919 reflecting a slight price gain of 0.27% in the last day. The altcoin appears to be heading for the $,2940 resistance zone. With sufficient buying pressure, ETH could push through this region with the next resistance level set at the $3050 price zone.  However, the altcoin’s daily trading volume has currently declined by 44.85% falling to a value of $6.71 billion. Ethereum, which ranks as a bigger altcoin remains 40.4% off its all-time high value of $4,891.70 achieved in November 2021z  ETH trading at $2,921.60 on the daily chart | Source: ETHUSDT chart on Tradingview.com Featured image from Smithsonian Magazone, chart from Tradingview

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The 50x ETH Whale Finally Closed its BTC Short Position With Profit

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Ethereum Whale Transfers To Exchanges Suggest More Selling Pressure For ETH

Currently, the crypto market is under fire from bears, and coins like Ethereum (ETH) are already starting to feel the heat. Amid the struggle to recover, there have been massive inflows of ETH into centralized exchanges, which could spell further struggles for the digital asset going forward. Ethereum Whales Move Millions To Centralized Exchanges Multiple [...]

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Mysterious ETH Whale Accumulated 133.53 Billion SHIB Coins in Just One Day

The Biggest ETH Whale purchased almost 133,533,637,671 (133.53B) SHIB thereby increasing its Shiba Inu holdings. The total worth of the

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LINK Flips MANA as Most Traded Among the Top 5000 ETH Whales

Chainlink takes over MANA’s position as the most traded token. The data were provided by WhaleStats. WhaleStats analyzed the top ...

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ETH Whales Recently Grown Their Holdings In Shiba Inu

With regards to Shiba Inu (SHIB) specifically, there has been a huge amount of interest from Ethereum (ETH) whales over ...

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FTX Token is now Ethereum Whales’ second-largest holding 2022!

The top 100 Ethereum whales now have the second-largest token holdings, trailing only their ETH holdings. These cryptocurrency bulls have always been positive, but their holdings have primarily increased in recent months. The accumulating pattern implies that these whales are shifting away from favorites like Shiba Inu and towards FTX Token. Given how much these […]

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The Mysterious ETH Whale Purchased the Dip for Shiba Inu Worth $1.3M

Mysterious Ethereum whale bought over 55B Shiba Inu tokens. WhaleStats reports the purchase of SHIB costs over $1.3 million.  Shiba

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Top Three Crypto Assets Held By The Largest Ethereum Whales

Want to know where the largest whales are swimming? It may surprise you. Oftentimes we hear about whales moving and shaking the market. They can be both a negative and positive force. The beauty of the blockchain is we can see with certain confidence what the largest whales are keen on and when they are […]

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Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked

Ethereum crumbled with the market during the last crash and is yet to recover to previous levels. The crash was characterized by sell-offs and liquidations from all angles, which continued even when the price dumped further. Fear of a bear market sparked this as investors wanted to get out before the price fell further. But not everyone followed this trend of dumping. Whales have always been known to move differently from smaller investors when it comes to the crypto market and this time was no different. While investors panic sold their holdings at low prices, these whales quietly gobbled up the ETH being dumped on the market, increasing their dominance in the market once again. Whales Fill Up On ETH In the last few weeks, whales have taken advantage of the declining market values to buy cryptocurrencies at what can be essentially said to be a discount. The price of Ethereum had dumped as low as $2,100 following the crash, leaving even more room for the whales to increase their holdings. Smaller investors had followed suit but only after whales had bought hundreds of millions of dollars worth of ETH. Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC During this time, the number of addresses holding more than 10,000 ETH on their balances had also increased significantly. These whales had altogether purchased more than $500 million in ETH in only a couple of weeks. ETH recovers to $2,400 post-crash | Source: ETHUSD on TradingView.com This renewed support from whales and smaller investors had worked to slow down the decline of the digital asset. But proved to be not enough to spark a rebound back up to previous values. Despite growing support from these large investors, the market has remained in extreme fear, pointing to intense wariness from investors. This has caused them to hold back from putting any more money in the market. Ethereum Struggles To Stay Afloat Since the crash towards the low $2,100, Ethereum has had a hard time recovering in the market. While a bounce-back that was triggered by pioneer cryptocurrency bitcoin saw it recover above $2,400, it has not recorded much in the way of upward momentum since then. Related Reading | Which Cryptocurrencies Suffered The Worse Collapse Since All-Time Highs? Indicators point to the week playing out with continued low momentum for the second-largest cryptocurrency by market cap. It had previously tested the $2,700 point on Wednesday but had promptly taken a beating down that brought it back to $2,400. ETH is trading below its 5-day, 20-day, 100-day, and 200-day moving averages for the first time in a year. Market sentiments remain bearish with more downtrend expected to come as support from whales taper off. As of the time of writing, the digital asset is trading at $2,461, down 2.97% in the last 24 hours. Trading volume is up significantly over the same time period but is yet to translate into a higher value for the asset. Featured image from Nairametrics, chart from TradingView.com

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Supersize McShib: Shiba Inu the largest ERC-20 holding among ETH whales

According to data from WhaleStats, the 1,000 largest ETH wallets hold $2.35 billion worth of SHIB combined, representing around 9% of the total market cap.

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Whale Alert- 2,213 ETH (10,540,881 USD) Transferred to an Unknown Wallet

Exchange fees paid in BNB are discountable. The transaction valued at 2,213 ETH (10,540,881 USD) when it happened. Binance is

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Whale Alert- 20,000 ETH Transferred to an Unknown Wallet

Also, the transmitting whale has 2,093.04 ETH remaining. The receiving wallet balance now shows 0.0133 ETH in it. Whale Alert

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Whale Alert- 9,999.996 #ETH Transferred from #Huobi to Unknown Wallet

The Ethereum market was extremely stable and also in favour of bulls. At the end of August, the market rallied

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Ethereum: 108,000 ETH Sent To Crypto Exchanges, Will Price Revisit $2,200?

Ethereum (ETH) has seen a 10.3% drop from last weeks highs following the recent market downturn. Its performance has worried many analysts and investors, considering ETH could be near another correction. Related Reading: Analysts Unfazed By Bitcoin (BTC) Drop, But Should We Fear October 5? Ethereum Whales Send Millions To Exchanges Ethereum has struggled to reclaim some key resistance levels since the October 1 correction. On Tuesday, the cryptocurrency saw its price nosedive from the $2,600 zone to the $2,300 mark, hovering between the lower and higher range of that support level for the past few days. Since then, news of multiple investors moving their tokens has hit the industry, alarming the community. On-chain analytics firm Lookonchain revealed that an Ethereum Initial Coin Offering (ICO) participant sold their tokens as the market bleed. Per the report, the whale deposited 12,010 ETH, worth $31.6 million, to Kraken a week ago after being inactive for two years. The same address sold another 19,000 ETH two days ago, around $47.54 million. Today, crypto analyst Ali Martinez highlighted that on October 3, roughly $259.2 million worth of ETH had been sent to crypto exchanges. According to the CryptoQuant data shared by Martinez, 108,000 ETH were sent to exchanges in the last 24 hours, significantly increasing from the day before. The news continued to fuel the bearish sentiment among many community members, who are disappointed about Ethereums performance and fear ETHs price could soon face significant selling pressure. Will ETH Revisit Lower Levels Soon? Crypto investor Ted Pillows noted that ETH has been one of the most underperforming cryptos in 2024. Despite the approval of Ethereum spot ETFs (exchange-traded funds), the crypto has “underperformed almost every large cap.” He also pointed out that ETH surged alongside Bitcoin whenever the market was up but dropped significantly harder when the market struggled. Whenever BTC has pumped 5%, ETH has pumped 3%, but whenever BTC has dumped 5%, ETH has dumped 12%-15%, he remarked. However, Ted explained that every time Ethereum was considered dead, like in 2020-2021, it has eventually outperformed BTC. Based on this, the investor believes that the king of Altcoins could face one last flush to $2,200 before the reversal. Similarly, trader Crypto General suggested that the cryptocurrency could retest the $4,000 by next month as he expects ETH to bounce from the current levels. However, he asserted that if the price breaks the trendline, we can easily see the price touching the $2100 level. Related Reading: Aptos (APT) Jumps 11% Following Acquisition Of Japanese Blockchain Developer HashPallette Other market watchers pointed out that Ethereum must reclaim the $2,400 resistance level to see a potential bounce toward $2,800. Previously, Daan Crypto Trades set the $2,850 resistance level as one of the key levels to watch. The analyst considers that reclaiming this level would signal a trend reversal for the cryptocurrency. This zone corresponds with the horizontal level that started the February-March run to ETHs yearly high of $4,090. As of this writing, ETH has seen a positive price jump, currently trading at $2,431. This performance represents a 4.3% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com

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MakerDAO Debates New EDSR Optimization Plan As MKR Bears Retain Market Control

MakerDAO has been in the headlines recently following a boost in the maximum Dai Savings Rate (DSR) from 3.19% to 8% on Sunday, August 6. This temporary increment termed the Enhanced Dai Savings Rate (EDSR), was designed to encourage more Dai (Maker’s stablecoin) holders to deposit their tokens on the Maker protocol and earn interest. Following the implementation of EDSR, the Dai token has experienced some traction, with its market cap rising by over $570 million since Sunday, according to data from CoinMarketCap.  In addition, data from the Makerburn dashboard shows the number of DAI in the DSR program has surged, moving 396.8 million on August 6 to its current value of 906.7 million.  However, amidst the massive success of the EDSR, MakerDAO co-founder Christen Rune has proposed to adjust this incentive plan “based on observed data.”  MakerDAO Co-Founder Proposes EDSR Optimization Plan To Curb ETH Whale Dominance  On August 8, Rune submitted a governance proposal on the MakerDAO forum to optimize the Enhanced Dai Savings Rate citing an ongoing ETH whale dominance over regular Dai holders in terms of the program’s benefits.  Related Reading: Maker (MKR) Signals Bullish Price Formation – Is $1.300 Around The Corner? According to Rune, offering yields on Dai that are higher than the cost of borrowing Dai has led to certain borrowing activity known as “borrow arbitrage,” whereby traders borrow Dai at 3.19% and deposit in the EDSR program for 8% profit. Rune noted that this was not the intended purpose of the EDSR plan. He stated that this investment strategy was mainly practiced by ETH and staked ETH whales, who now receive a higher yield at the expense of regular Dai holders,  the primary target of the EDSR program. To counter this unforeseen circumstance, Christen Rune proposed to reduce the maximum EDSR interest rate from 8% to 5%. Furthermore, the MakerDAO cofounder proposes an increment in the DAI borrowing rate to be equivalent to the EDSR rate at a minimum of 5%, thus halting the ongoing large-scale “borrow arbitrage” activities. The proposal also states that MakerDAO should extend Tier 1 EDSR to cover a utilization range of 0-40% and introduce a Tier 2 EDSR for utilization between 40-55% with the aim of making the EDSR plan sustainable.  For context, utilization refers to the portion of the total capacity of the EDSR system that is in use. Currently, data from Makerburn states that the EDSR has an 18% utilization rate.  Originally, the EDSR maximum yield was meant to drop to 5.8% once utilization surged to 20%, albeit that would not occur upon approval of Rune’s latest proposal.  Maker (MKR) Maintains Bearish Form Amidst ESDR Success In other news, MKR, the native token of the MakerDAO lending protocol, has seen its market price fall in recent days despite the massive boost in DAI’s market shares.  According to data from CoinMarketCap, MKR’s price is down by 0.84% in the last 24 hours. This price drop adds to the token’s prolonged bearish state, whereby it has lost over 8.26% of its market value in the last seven days.  Related Reading: Record-Breaking $10 Billion Open Interest Fuels Bullish Speculation For Bitcoin Reversal During this period, MKR’s price declined from $1,339.22 on Aug.3 to as low as $1,187.66 on Aug.7. However, most MKR investors still likely retain faith in the DeFi token, which boasts of a positive monthly performance gaining by 32.30% in the last 30 days. At the time of writing, MKR is trading at $1,214.28, with a 0.39% loss in the last hour. With a market cap of $1.18 billion, the token is ranked as the 42nd largest cryptocurrency in the market. MKR trading at 1,214.7 on the hourly chart | Source: MKRUSD chart on Tradngview.com Featured image from Binance Academy, chart from Tradingview.

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Ethereum Whale $4.5 Million Burn Shocks ETH Community, What’s Going On?

The crypto space is never lacking of events – from hacks to memecoins frenzy, to traders realizing huge profits from trades. This time, it is the action of a particular Ethereum whale that has caught attention, one that has the ETH community in shock as to the reasons for such action.  The mysterious whale in question with the Ethereum address ‘nd4.eth’ sent $4.5 million worth of Ether (2,500 ETH) to a ‘burn’ address, in a move that removes these tokens from circulation forever. This interesting event, which occurred on July 26, has led to a burning question on the lips of everyone – who is this mysterious whale? Who Is The Mysterious Ethereum Whale? Although there is currently limited information on the mysterious whale, Crypto Twitter has been able to dig up some information as to who this person might be. Recent Twitter discussions revealed that the user behind ‘nd4.eth’ was on Binance Leaderboard which shows the traders in profits on the platform.  Related Reading: Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter Another Twitter user (@serialsexhaver) revealed that the trader had over $20 million in earnings on GMT long and “went all in on a btc short” and then deleted his account. The Tweet read: Last year he was on Binance leaderboard, made north on 20mill on gmt long, was giving away anons gmt sneakers and went all in on a btc short …then deleted his account This is also not the first time this particular user is doing something like this. According to information gotten from Web3 portfolio tracker DeBank, the “nd4.eth’ address had previously sent Wrapped Ethereum (WETH) to another burn address many times, with these transactions amounting to approximately $8,000 in total. The address still has a huge portfolio though, with close to $3.57 million staked on GMX and GNS. ETH price plunges to $1,823 | Source: ETHUSD on Tradingview.com Contributing To The Growth Of ETH While the crypto community continues to speculate the reasons for the ‘$4.5 million burn,’ there is no doubt that the ‘nd4.eth’ address has, for whatever reason, contributed to the growth of the Ethereum ecosystems.  His actions also further fuel the Ethereum as an ‘ultra-sound money’ narrative. Laurence Day, the creator of the Wildcat Protocol, jokingly commended the individual when he stated: “If you didn’t wake up this morning and say thank you to nd4.eth for contributing to the ultrasound money narrative, I want you to have a long, hard think about what you’re trying to achieve here.” Related Reading: Crypto Funds Vs Bitcoin Holders: Who Was The Better Performer In H1 2023 True to it, the burning of tokens makes it deflationary and is usually done to decrease the token’s circulating supply and help boost demand and increase its market value. Ethereum isn’t the only ecosystem that the said individual is contributing to.  According to a tweet from Lookonchain, the user “spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 GMX ($1,989) and 600 GNX ($2,733) to the dead address.” Featured image from iStock, chart from Tradingview.com

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Ethereum Whale Transactions Jump Over 50% As ETH Eyes $2,000

Ethereum whales have been ramping up their activities on the blockchain as it eyes an important level. This time around, their recent spike in activity has been in the form of transactions. These whale transactions which are carrying at least $100,000, making it so only large holders could be behind the transactions, have been on the rise. Mostly, the Ethereum whales ramped up their activities following ETH’s price increase over the last week. The first spike was noticed after the crypto broke above $1,900 and as it has continued to maintain this level, there has been more consistency among the whales. Related Reading: Maker (MKR) Outperforms Top Coins With 12% Increase A Day, Will It Test $1100? IntoTheBlock data shows that ETH whales have doubled their transaction counts over a few days. This increase saw their total transactions go from 2,120 to 3,230 in two days. This jump in number of transactions translates to an over 54% increase in just 48 hours – from July 2 to July 4. In a 7-day period, almost $20 billion has been moved by ETH whales. ETH whale transactions cross 3,000 in two days | Source: IntoTheBlock However, while this jump is significant in its own right, it is not unusual for Ethereum to see such a high number of large transactions. For example, toward the end of June, the total whale transactions had also spiked above the $3,000 level. Ethereum’s holder base is made up of a high number of whales when compared to its largest competitor Bitcoin. While the latter’s whale holders only make up 11% of the total holder base, Ethereum whale wallets account for 42% of its total wallets, according to data from IntoTheBlock. Hence, a high volume of large transactions happening in a short period is not out of place. How The Ethereum Whales Can Affect Price A high number of whale transactions can have significant impacts on the price of coins like Ethereum depending on what the holders of these coins intend to do with them. If these transactions carrying at least $100,000 worth of coins are for selling, then the price of ETH would see a downtrend. Related Reading: Bitcoin Could Soar To $140,000 In Next Bull Cycle, Crypto Analysis Channel However, since the price of ETH has remained relatively stable and maintained its hold on the $1,900 support, then it is likely that these whales are just moving their coins around without selling. Additionally, these on-chain transactions do not point toward a good volume of ETH flowing toward centralized exchanges, further giving credence to the fact that these whales are not moving their coins for selling purposes. Ethereum, on its own, has not had the best of days though as its trading volume is down significantly from Monday. It is currently sitting at $6 billion, a 27% decline from Monday’s figures. Nevertheless, its price is holding steady with meager gains of 0.1% as the coin trades at a price of $1,963. ETH price trending at $1,962 | Source: ETHUSD on TradingView.com Featured image from iStock, chart from TradingView.com

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