Updated information on the activities of large cryptocurrency sharks
Analysis from on-chain experts
On June 21, according to a report from on-chain analyst Yu Jin, a shark or large organization witnessed profits of over 30.45 million USD from two waves of ETH. In the last 8 hours of the day, they purchased an additional 30,000 ETH, worth approximately 72.32 million USD, at the lowest price after last night’s drop. This action reflects the shark's strong strategy to accumulate ETH at the bottom price, aiming to optimize long-term profits.
Transfers and divestment behaviors
After the drop, the shark transferred 58.91 million USDC to Wintermute and 24 million USDC to Coinbase. Impressively, they withdrew 24,000 ETH from Wintermute and 6,000 ETH from Coinbase, indicating preparation for profit-taking or portfolio adjustment. Since June 11, the organization has spent over 297 million USDC to buy a total of 115,400 ETH within 10 days. The average transaction price was about 2,574 USD per ETH, with a temporary loss of 18.35 million USD. Currently, the remaining USDC in the wallet is only 30 million, indicating a dwindling capacity for future purchases.
Implications for the cryptocurrency market
This shark's activity reflects the optimistic sentiment of large organizations. They are actively accumulating ETH at low price levels, expecting a long-term upward trend. This move could boost ETH prices in the short term and create positive feedback in the global cryptocurrency market. Investors need to closely monitor shark behaviors to make appropriate strategic decisions.
Conclusion
The accumulation of ETH by large organizations indicates the potential for continued price increases of this cryptocurrency. However, investors should be aware of the high volatility and associated risks. With the limited remaining USDC, the sharks' buying capability will depend heavily on market fluctuations, creating both opportunities and challenges for investors participating in the cryptocurrency market.
Source: https://tintucbitcoin.com/ca-map-kiem-30-trieu-usd-tu-eth/
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