Recent data shared by the @lookonchain analytics account reveals significant Ethereum purchases by two whales on centralized exchanges amidst a decline in price. One of these wallets, suspected to be associated with Jihan Wu's company, accumulated substantial amounts of Ethereum over the last three days. Concurrently, another massive wallet executed a substantial ETH sale on Binance.
Whale Activity Surfaces as Ethereum Price Dips: Analysis Reveals Major Holdings Shift
According to Lookonchain, two whales have acquired substantial Ethereum holdings. One wallet, possibly belonging to Matrixport, withdrew 22,251 ETH from exchanges, valued at $80.06 million, and withdrew an additional 33,925 ETH over three days, totaling $122.06 million. The second whale, identified as "0x4359," withdrew 3,092 ETH ($11.12 million) from Binance and purchased 24,044 ETH over the last three days.
While these significant purchases occurred, Ethereum's price experienced a decline, with three consecutive red candles on the hourly chart, dropping from $3,609 to $3,543.
Large Ethereum Whale Makes Massive Sell-off Amid Market Volatility
Simultaneously, another large wallet sold 9,000 ETH on Binance at $3,560 per coin, amounting to approximately $32 million. This transaction marks the whale's largest single deposit tracked by @spotonchain analytics, with the whale currently holding 29,738 ETH worth approximately $106 million, representing a total profit of $68.5 million, or 65% growth.
Following a peak above $3,720 on Monday, Ethereum retraced 7.80% by Wednesday. Although it managed to recover 5.16% over the past 24 hours, this gain was followed by a 2% decline.
In summary, Ethereum's recent price volatility coincides with significant whale activity, reflecting ongoing market dynamics and the influence of large-scale transactions on cryptocurrency prices.