$424 million whale movement! Is ETH about to face a selling storm?
On-chain monitoring has detected a tough character—a primordial whale who hoarded 1 million ETH during the 2015 ICO era has suddenly made big moves recently!
They just transferred 10,000 ETH, worth approximately $19.69 million, and a month ago, they sold 3,000 ETH in batches, cashing out nearly $7 million!
Their holding cost is only $0.31, in other words, selling at any time would be a huge profit, with no psychological pressure!
Currently, they still hold 215,008 ETH, with a total value of $424 million. If they decide to sell, it could be an enormous amount!
In the short term, if this batch of ETH is sold off gradually, it could indeed bring volatility to the market, and short-term traders should keep a close eye on on-chain data.
But don't forget, the market demand for ETH is high right now, and a whale's reduction in holdings doesn't necessarily mean a crash; on the contrary, a pullback could be an opportunity!
Key point: If whale selling pressure increases, ETH may experience a short-term dip, but large funds may step in at any time, so watch for potential buying opportunities.
The whale is moving, and the market's direction may change; now it’s up to see whether it’s a real sell-off or a trap to wash out weak hands. Stay tuned and enjoy the show!
