A major cryptocurrency investor has opted to liquidate positions in XRP and Ethereum, pocketing $7.5 million in profits. This move comes after a broader market correction, indicating a shift in strategy from some of the largest companies in the industry. This decision is a sign of caution from the investor amid a volatile market.
Whales maintain their position in Solana
Although whales have closed positions on XRP and Ethereum, they still hold a long position in Solana worth $15.4 million, down $560,000. This indicates that despite scaling back on XRP and Ethereum, the investor continues to operate in other areas of the market, trading even amid price volatility.
According to the analysis platform Coinglass, futures market activity has increased as open interest reached $6.81 billion. This represents a 1.12% increase compared to 24 hours ago. The rise in open interest indicates that traders remain optimistic about the market.
As of the time of reporting, Ethereum is trading at $2,469, reflecting a decrease of 2.15% over the past day. However, Ethereum has recorded a significant weekly gain of 39.75%, driven by network upgrades and sustained demand for staking ETH. Despite the strong upward momentum, whales have chosen to reduce their Ethereum positions, potentially securing profits ahead of a possible market correction.
As of the time of reporting, XRP is trading at $2.52, with a price increase of 4.32% in the past 24 hours. Over the past week, this cryptocurrency has risen by 20.75%, indicating increased investor confidence. Recent price movements suggest a potential shift in market sentiment, with XRP showing strong upward momentum.
On-chain data shows that XRP's funding rate remains positive, signaling growing market confidence. Meanwhile, futures market activity has intensified, with open interest rising to $5.57 billion, up 15.19% in the past 24 hours, indicating continued optimism among traders. Despite the broader market correction, many investors have maintained their positions, reflecting a cautious repositioning phase as major players adjust their portfolios in anticipation of future growth.