The recent sale of a significant amount of Ethereum by whale '7 Siblings' has attracted the attention of traders and analysts, highlighting the influence of large holders on the market.
Who is this Ethereum Whale and What Did They Do?
The recent sale from the whale known as '7 Siblings' marked a significant event in the cryptocurrency world. This whale offloaded 19,957 ETH, converting it into 90.44 million USDC at an average price of approximately $4,532 per ETH. The analysis of such sales provides valuable insights for market observers.
History of Crypto Whale '7 Siblings' Holdings
The '7 Siblings' whale is not new to the Ethereum market. They purchased 100,000 ETH on August 5, 2022, during a market downturn at around $2,270 per coin. Despite the recent sale, they still hold about 280,000 ETH, valued at approximately $1.3 billion.
How Does a Large Whale Sell Impact ETH Price?
A significant sale raises questions about its impact on market prices. While a $90 million sale is substantial, the Ethereum market has a considerable absorption capacity. Sellers can use OTC trading to minimize market impact, but the psychology of the market might shift when news of large sales breaks.
The $90.44 million sale by '7 Siblings' highlights the significance of such transactions for market analysis. Understanding the behavior of large holders can aid individual investors in making more informed decisions.
