A dormant Ethereum whale has re-entered the trading scene and withdrew over $15 million worth of ETH in just one day. Considering the slowdown in Ethereum’s price growth over the past few months and the sudden emergence of whales after being dormant for months, this could be the case. insider trading.
Dormant Ethereum whale moves $15 million ETH
A sudden $15.14 million Ethereum transaction caught the attention of the cryptocurrency market. The movement was caused by either: insider knowledge Or simple strategic positioning. According to data from Onchain Lens, a blockchain analytics platform. shifted Approximately 5,099 ETH moved from Kraken’s dormant wallet address into active circulation on Thursday, January 22nd.
Based on on-chain records, the whale identified by the address “0x761F2F” still exists. not active in the market More than 3 months. The last few times Whale was active in the market was when he executed a series of stablecoin and HYPE trades. An anonymous whale initiated multiple million dollar trades in UETH, USDT, and USDC. On the other hand, HYPE trading was mainly token burn.
Arkham Intelligence after withdrawing 5,099 ETH from Kraken reported The whale reportedly transferred ETH to Lido Finance and converted it into 5,100 STETH. Although there is no evidence of insider trading at this time, the timing of the trades does raise questions, especially given Ethereum’s slow price movement and increased trading activity over the past few months. Selling pressure from large holders.
Cryptocurrency insider trading typically occurs when individuals with nonpublic information make large trades before a major market event that can affect market prices. the current, Ethereum price will not skyrocketthere is also no big news that could suddenly affect its movement. Actually, ETH is The market continues to fallIt’s down about 1.7% over the past 24 hours. The daily trading volume also decreased by 34.89%, indicating a drop in confidence among traders and investors.
Whales have a long run on Ethereum
dormant Major companies are suddenly re-entering the marketsome active whales remain bullish on Ethereum’s long-term prospects despite the continued downtrend. According to renowned market analyst Max Crypto, an anonymous whale has just opened $202 million long position in ETH with 15x leverage.
The size of the transaction is unusual considering Ethereum’s recent volatility. shows strong confidence in Future price trends of virtual currencies and the potential to overcome the ongoing downward trend. Notably, the liquidation price for this position is $2,495, and if ETH were to fall to that level, the trade could be terminated by the cryptocurrency exchange, potentially resulting in significant losses for the whale.
Market participants are closely monitoring the whale’s location. make a call It’s a brave but chaotic gamble. other people even guessed This position may have been taken based on insider information, potential market movements, Possibility of a bullish reversal in ETH.
Featured image created by Dall.E, chart on Tradingview.com
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