The famous “Ethereum whale” timely placed 23,080 ETH, worth about $44 million, on Binance. This happened 20 minutes after the cryptocurrency price rose above $1,904. People’s actions show that big players are starting to lock in profits as Ethereum has been increasing lately.
Whales Are Fixing Their Profits
On the middle Whale, Ethereum’s withdrawal price is around $1,820. The current price is well below the most recent high. This shows that investors are cautious about de-risking and prefer to lock in profits during periods of bullish momentum.
After the price of $ETH went up significantly, a well-known investor just put $44 million ($23,080 $ETH) on #Binance. This happened about 20 minutes ago.
Currently, the rate for withdrawing Ethereum (ETH) is $1,820. https://t.co/ez9DE42zpo pic.twitter.com/O6Kg9MLBrL
— Lookonchain (@lookonchain) May 29, 2023
It is interesting to note that Whale is gradually reducing the amount of Ethereum it owns, making large transactions of about 8,000 ETH every time Ethereum rises. The observed trend shows that Whale is trying to systematically eliminate some of its assets to avoid creating too many problems in the market.
Ethereum Price Holds Above a Critical Level
Even though a lot of money has been withdrawn from the Ethereum market, the price of Ethereum has remained above the critical $1,900 level, which is a good sign. The overall mood in the market seems elevated and is not affected by the actions of a few whales.
However, the actions of Whales point to a trend worth noting. Whales are the most significant users of cryptocurrencies. Because they trade so much, they have much power over the value of digital assets in the market. When someone sells or lowers their stock, it can sometimes cause significant changes in the market.
Not All Investors Remain Optimistic
A slow sale of a whale may indicate that they are not optimistic about Ethereum. It could mean that the price has peaked or that a downtrend is more likely than a prolonged bullish rise.
People still want to know if this behavior is a sign of a more serious trend in the Ethereum market among the wealthy. At the moment, there has yet to be much growth in exchanges, suggesting that the actions of this Whale aren’t having much impact on the market as a whole.