Ethereum Whales Sell Assets Amid Market Turbulence and Profit Taking

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Market Turbulence and Whale Sell-offs
  2. Changes in Whale Holdings Structures
  3. Addition of New Tokens to the Ethereum Network


    4. Recent market turbulence spurred some Ethereum (ETH) whales to sell their holdings to lock in gains or cover loans. Large-scale transaction data showed thousands of ETH moved to centralized exchanges or for loan coverage.

    Market Turbulence and Whale Sell-offs

    Amber Group was one of the significant sellers this week, offloading 6,443 ETH. This move added to the overall downward price action. Whale sell-offs began after a nine-day streak of outflows from some of the largest Ethereum ETFs. These sell-offs resulted from Grayscale shedding its tokens while other funds showed slower demand.

    Changes in Whale Holdings Structures

    Even previously successful whales faced losses at the $2,400 level, liquidating their assets. One such whale deposited 8,825 ETH to Binance, leaving behind 10,619 ETH with an estimated total loss of $15.7M. Whales also started moving out of staked ETH positions to sell assets on major exchanges.

    Addition of New Tokens to the Ethereum Network

    New token production is among the biggest sources of net ETH inflows. Over the past week, the network produced 16,872 ETH, retaining most tokens due to a slower burn rate. Activity shifted from the Ethereum main net to several L2 chains, resulting in a lower burn rate.

    Despite the selling pressure and market volatility, Ethereum continues to recover, maintaining much of its value. However, in the short term, profit-taking by whales might reduce the momentum for further growth.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

BNB Chain Sets Activation Schedule for Lorentz Hard Fork

chest

BNB Chain developers have announced the activation schedule for the Lorentz hard fork, set to occur at block height 42,100,000, introducing BEP341 transaction priority changes aimed at reducing gas costs.

user avatarLi Weicheng

The Growth of Actively Validated Services in EigenLayer

chest

EigenLayer's success in restaking relies on the growth of Actively Validated Services (AVSs) that utilize restaked security, which is essential for generating sustainable fees and ensuring the overall success of the restaking model.

user avatarBayarjavkhlan Ganbaatar

EigenLayer Surpasses 5 Million ETH in Restaking Deposits

chest

EigenLayer has achieved a significant milestone by crossing 5 million ETH in restaking deposits, indicating the rapid growth of the restaking market.

user avatarAisha Farooq

Uniswap v4 Hook Library Expands with New Features

chest

Uniswap has recently expanded its v4 hook library by introducing automated liquidity management tools, allowing developers to customize liquidity pool behavior and enhance DeFi design.

user avatarTenzin Dorje

Optimism Launches Superchain Interoperability Upgrade on Sepolia Testnet

chest

Optimism has successfully launched its Superchain interoperability upgrade on the Sepolia testnet, allowing developers to test cross-L2 messaging across OP Stack chains.

user avatarMohamed Farouk

XRP Ledger Achieves Key Milestone with AMM Amendment

chest

The XRP Ledger has achieved 80 validator consensus for its Automated Market Maker amendment, marking the start of the activation window for native AMM functionality.

user avatarElias Mukuru

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.