Spot On Chain: Actions of Ethereum whales indicate uncertainty in the market
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Johny Smith
2024/12/05
3 mins read
Crypto holders of the Ethereum (ETH) cryptocurrency have begun to actively move funds amid the recent 8% drop in the price of the coin. While the Devcon 2024 event continues to attract community attention, market dynamics look mixed. Spot On Chain analysts noted that large holders adhere to different strategies, which arouses additional interest among experts.
The first large transaction came from a whale with address 0x49e, who withdrew 8 thousand ETH worth $25.36 million from Binance. Over the last 9 days, this investor accumulated over 20.27k coins at an average price of $2959, giving him an unrealized profit of $4.14 million.
Another large holder with address 0x3d4 acted differently: he deposited 5,000 ETH ($15.7 million) on Binance and requested a withdrawal of 9.81 thousand coins from the Lido platform. This market participant purchased 14.87 thousand ETH in February and April at an average price of $2871. If the assets were sold today, the potential profit would be $4.21 million, equivalent to an increase of 9.9%.
These contrary actions can signal uncertainty in the market. Some investors prefer to take profits, while others prepare for possible further growth. Such a movement may indicate a difficult situation where market participants have differing opinions.
Now analysts indicate that a fall in prices could provoke a desire among traders to fix profits before a possible correction. At the same time, the high activity of whales moving large amounts of money often indicates preparation for new strategic moves.
Experts emphasize that in the coming days it is important to monitor how events around Devcon will develop and look at the reaction of the ETH price. Large trades can impact market sentiment and set the tone for subsequent trading sessions.
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