The whale withdrew 1,700 ETH worth 3.1 million dollars from Binance and currently continues to hold a total of 9 million dollars worth of ETH despite an unrealized loss of 3.6 million dollars.
A noteworthy development has occurred in the cryptocurrency markets. According to Lookonchain's sharing, a whale account that has been inactive for a long time has started accumulating Ethereum (ETH) again. After approximately 6 months of silence, this major investor withdrew 1,700 ETH worth 3.1 million dollars from the Binance exchange 3 hours ago.
After this transaction, the total ETH holdings of the whale reached 5,000 (approximately 9 million dollars). However, interestingly, this investor currently has an unrealized loss of 3.6 million dollars. This situation likely indicates that the investor made ETH purchases at higher price levels.
The strategy followed by the whales
The movements of large investors known as whales in the cryptocurrency markets can often provide significant clues about market direction. In this particular case, the investor's continued accumulation of ETH despite the losses may indicate a belief in the long-term rise of Ethereum's price.