TL;DR
- In the last 4 days, three smart Ethereum traders sold a significant amount of ETH, making substantial profits.
- The massive sale of ETH by these traders comes amid a drop in the price of Ethereum.
- The combined profits of the three traders amount to $39 million, suggesting a successful strategy of capitalizing on market volatility.
Amid a tumultuous week for the cryptocurrency market, headlines focus on the massive sale of Ethereum by three prominent traders, who have earned significant profits before the recent price decline of the cryptocurrency.
Over the last four days, these traders, identified as “0xb82“, “0xebf“, and “0xa43“, have sold a total of 26,946 ETH, equivalent to an impressive $95.7 million. Their strategic maneuvers have allowed them to earn combined profits of $39 million, an impressive outcome in a short period.
In the past 4 days of market downtime, 3 smart ETH traders have allegedly sold 26,946 $ETH ($95.7M), taking $39M in profit! Is this a sign of recession for $ETH?
1. Trader 0xb82 sold 7,300 $ETH for $24.4M in stablecoins via #Binance at ~$3,339 an hour ago, realizing a $4.59M… pic.twitter.com/d9P8M3BOWi
— Spot On Chain (@spotonchain) March 19, 2024
The first to act was “0xb82“, who sold 7,300 ETH for $24.4 million in stablecoins via Binance, earning a profit of $4.59 million, equivalent to 22.7%.
This was followed by “0xebf“, who deposited 8,870 ETH on Binance on March 16, making an estimated $25.3 million in profit, a remarkable 55.8% increase. Lastly, “0xa43” sold 10,776 ETH for $38.2 million on March 15, realizing a profit of $9.14 million, representing a 31.5% gain.
These massive ETH sales coincide with a significant drop in the price of Ethereum
ETH which has decreased by over 11% since the beginning of the week, reaching a low of $3,200 per ETH after hitting a two-year high of $4,093 last week.
The liquidation of positions totaling $120 million in the last 24 hours, with an estimated 85% of them being long positions, suggests a wave of selling and profit-taking among investors, further contributing to the downward pressure on the price of Ethereum.
These actions of the major ETH traders, combined with the broader market dynamics, raise uncertainties about the future direction of Ethereum and the cryptocurrency market overall.
However, they also underscore the volatile nature of the cryptocurrency market and the ability of savvy traders to capitalize on these fluctuations for their own benefit.
Ultimately, Ethereum’s ability to stabilize and recover will depend on a variety of factors, including market sentiment and developments within the Ethereum ecosystem.
