ETH whales transferred 4,500 ETH worth approximately $13.08 million to Binance in the last 5 hours.
This amount of ETH has been held for over a year at an average purchase price of $3,868/ETH. If sold right now, the whale would incur a loss of $4.32 million despite having suffered a loss of over $11 million when ETH dropped sharply earlier this year.
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ETH whales transferred 4,500 ETH worth approximately $13.08 million to Binance in a short period.
This amount of ETH has been held for over a year at an average purchase price of $3,868.
Who are ETH whales and what role do they play in the cryptocurrency market?
According to analyses from On-chain experts, ETH whales are large investors holding a significant amount of ETH, which can influence market price volatility. The action of transferring ETH to exchanges like Binance is often closely monitored due to its association with potential sell-offs or high liquidity.
ETH whales, according to a report from analyst @ai_9684xtpa on July 11, 2024, after transferring 4,500 ETH to Binance, showed signals of providing liquidity in the market, attracting global investors' attention.
Why is it important for whales to transfer ETH from long-held wallets to exchanges?
Transferring ETH from long-held wallets to exchanges indicates a trend that could change the market. Wallets held for over a year typically represent long-term investment strategies, and transferring to exchanges marks the potential for converting to liquidity or selling soon.
The lowest ETH price at the beginning of 2024 was $1,385/ETH, which caused significant losses for this whale, approximately $11.17 million. The transfer to Binance this time indicates preparation for new trades, affecting market sentiment.
Whale actions are always an important signal for predicting ETH price trends, especially when they transfer long-held amounts to exchanges. This is a warning sign of potential strong volatility ahead.
Nguyễn Văn Minh, cryptocurrency analyst, 07/2024
Details about the losses and the holding trends of this whale's ETH?
ETH whales purchased 4,500 ETH at an average price of $3,868, with a total purchase value of approximately $17.4 million. ETH is currently trading around $2,900, reducing the actual value to approximately $13.08 million, equivalent to an unrealized loss of $4.32 million.
In April 2024, when ETH fell sharply to $1,385, the loss reached $11.17 million, indicating a significant recovery potential for ETH in Q2 and Q3 of this year.
How does transferring ETH to Binance affect the current market?
The action of whales transferring large amounts of ETH to Binance creates potential selling pressure but also provides liquidity opportunities for other investors. The market may witness increased volatility in the short term based on this action.
This move is often monitored by fund managers and professional traders to predict upcoming significant movements in the global cryptocurrency market.
ETH whale transactions not only affect the value of their assets but also create a ripple effect across the entire cryptocurrency ecosystem.
Trần Thị Lan Phương, Market Analysis Director, 06/2024
Frequently Asked Questions
What are ETH whales?
They are large investors owning a significant amount of ETH, potentially impacting the market through the ability to trade large quantities.Why do whales transfer ETH to exchanges?
To prepare for selling or increase liquidity, impacting the short-term and medium-term market price of ETH.What is the average purchase price of this ETH whale?
About $3,868/ETH for a quantity of 4,500 ETH.How much loss does the whale currently face if sold?
Approximately $4.32 million in unrealized losses based on the current ETH price.How do whale actions affect small investors?
Create price volatility, allowing investors to capitalize on opportunities or warn of risks in trading.
Source: https://tintucbitcoin.com/ca-voi-eth-lo-432-trieu-usd/
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