Whales Sold ETH Worth a Million Just Before Price Drops Started

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • On September 2nd, the price of Ethereum (ETH) spiked as it traded on $485 levels, which was the intraweek high.
  • It has been down by almost 2.92% in the last 24 hours. It was reported that whales had sold ETH worth a million just before ETH fell by 35%.
  • It was reported that whales had sold ETH worth a million just before ETH fell by 35%.

Major cryptocurrencies are facing pullbacks for the last few days now. Bitcoin the world’s cryptocurrency tumbled by $1500 in just two days. Ethereum’s price has also been deteriorating. Currently, ETH is trading at $338.71. It has been down by almost 2.92% in the last 24 hours. It was reported that whales had sold ETH worth a million just before ETH fell by 35%.

ETH Fell Down by $60 in Just a Day 

On September 2nd, the price of ETH spiked as it traded on $485 levels, which was the intraweek high. On the same day the price depreciated by $60 in a matter of a few hours and on 6th September it traded at $323, which is apparently the intraweek low.  The top 100 ETH exchange addresses reportedly sold over a million worth ETH tokens as the ETH price started experiencing the downfall. This implies that the whales may have anticipated such an event and started selling off their ETH tokens. The recent data from the cryptocurrency analytic agency Santiments also supports this fact. 

Increase Activities of the Whales

These whales have apparently increased the ETH activities apart from selling them. Recent data from WhaleAlert prompted that a whale had transferred 216,016 ETH worth $76 million from an unknown address to an unknown address. 

Recently, the token movement has increased. The so-called whales have almost purchased almost half of the Ethereum supply this year. However, the hyper ETH movements suggest that major investors are looking up to the potential of ETH as an investment even though sell offs have taken place recently. 

Whales Sold Almost 6% of Their Total Holdings

Moreover Santiments revealed that during the most recent price drop, the whales disposed of almost 6% of their total holdings which implied a much obvious price dump. The token held by the whales significantly decreased from 16.92 million to 15.89 million in just a span of a week. 

In addition, the number of developers using the Ethereum platform has increased drastically in the last two years. In fact the number of the total number of Ethereum-specific code packages downloads in 2020 has surpassed that of 2019’s. Moreover the launch of Medella Tesnet has bought more than 1.1 million test Ethers. ETH users are waiting for ETH 2.0 as they believe it may enhance their user experience.

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