Ethereum Whale Dumps Over $40M in ETH: Will This Trigger a Crash?
Highlights:
- A whale investor boasting ETH holdings worth over $1.2 billion has exchanged over 10K ETH in a transaction that cost over $40 million.
- Despite the the large investor’s recent dumpings, he still has a massive ETH holdings of 352,036 ETH worth about $1.27 billion.
- Ethereum price continues to rise despite heightened dumping actions. The token is worth about $3,300.
Renowned crypto transactions tracker Lookonchain has spotted Ethereum (ETH) dumpings from a whale, boasting ETH stores worth over $1.2 billion. The large investor ETH deposits appeared in one of the on-chain tracker’s recent tweets, eliciting price crash concerns among Ethereum enthusiasts.
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Per Lookonchain, the large ETH investor has been selling Ethereum since November 7. Part of the tweet read thus: “The giant whale with 398,891 ETH ($1.28 billion) has sold 46,853 ETH for 138.8 million USDC at $2,920 since November 7!”
In addition, the crypto transactions tracker noted that the whale elicited another massive transaction that happened a few hours ago. Lookonchain mentioned that the latest sell-off spree involved 12,886 Ethereum, valued at roughly $41.24 million.
Despite the massive transactions, the big spender still boasts significant ETH stores. In its tweet, Lookonchain specified that he still owns 352,036 ETH worth about $1.27 billion. Considering the whale investor’s remaining gigantic Ethereum holdings, one could assert that market participants’ price decline concern seemed plausible.
The price drop fears mainly stem from the fact that the trader might decide to sustain the dumping actions, which would invariably eliminate scarcity. Hence, exchanges will welcome more token inflows, with price declines being the eventual outcome.
The giant whale with 398,891 $ETH($1.28B) has sold 46,853 $ETH for 138.8M $USDC at $2,920 since Nov 7!
7 hours ago, the whale transferred another 12,886 $ETH($41.24M) to sell.
The whale currently holds 352,036 $ETH($1.27B).https://t.co/O79eaAdgrk pic.twitter.com/8YGA6vx7iG
— Lookonchain (@lookonchain) November 11, 2024
Dumping Actions Fuellers
With the crypto market’s present phase, where every digital asset is skyrocketing, profit-taking becomes the most probable reason backing the investor’s actions. For context, Ethereum is changing hands at about $3,300, reflecting a 2.8% upswing in the past 24 hours.
In its 7-day-to-date price change variable, Ethereum saw price increments of about 35.5%, with minimum and maximum prices ranging between $2,373.63 and $3,256.97. The price extreme highlights Ethereum’s exponential spike in the past week. Hence, it corroborates the assertion that projected profit-taking is the probable backing for the whale trader’s dumping actions.
ETH Dump Actions Gaining Momentum with Increasing Token’s Price
Aside from the deposits above, Lookonchain spotted several other dumping actions, seemingly gaining momentum with ETH’s exponential price surge. In one such tweet relaying ETH exchange deposits, the crypto transaction tracker spotlighted an Ethereum Initial Coin Offering (ICO) escapade.
Per Lookonchain, the ICO participant recently woke up after almost three years of dormancy. He deposited 1,555 ETH worth approximately $4.86 million to Coinbase. It is worth noting that the investor received 6,292 ETH during Ethereum’s ICO in 2014.
The over 6,000 ETH stores, which cost approximately $1,951 in 2014, have appreciated significantly. They are currently worth roughly $20.15 million. Meanwhile, after his most recent dumpings, the ICO participant ETH stores dropped to about 1,404 ETH, valued at about $4.66 million.
An #Ethereum ICO participant woke up after being dormant for nearly 3 years and deposited 1,555 $ETH($4.86M) into #Coinbase.
This participant received 6,292 $ETH during the #ICO, costing $1,951, which is now worth $20.15M.https://t.co/tL076wBhm8 pic.twitter.com/PZIW5kIyKq
— Lookonchain (@lookonchain) November 11, 2024
Moreover, in one of our most recent news articles, we reported that Tron’s founder, Justin Sun, recently partook in Ethereum exchange deposits. Notedly, the ETH dumpings happened a few days after he encouraged followers to accumulate ETH.
Sun amassed roughly $69.36 million after dumping 19,000 ETH into HTX. His exchange deposits occurred at about $3,202 per token. Spotonchain noted that Sun’s deposited ETH holdings were part of initial accumulations between February 8 and August 5. The Tron founder purchased 392,474 ETH at roughly $3,027 per token during the said period.
Justin Sun (@justinsuntron) appears to be cashing in on $ETH amid the latest market rally!
15 hours ago, he deposited the first 19,000 $ETH ($60.83M) to HTX at $3,202.
This was part of the net 392,474 $ETH he allegedly acquired at an average price of $3,027 (est. cost: $1.19B)… https://t.co/976PXgoJ80 pic.twitter.com/UCNpE0vnVp
— Spot On Chain (@spotonchain) November 11, 2024
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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