Ethereum is going through dark times: Whales are withdrawing their profits in droves!

As the crypto market dips, investors who have actively placed positions on ether, the native crypto of the Ethereum blockchain, are cashing out their gains. Amidst this climate, a trend of selling is observed among several large investors. A dynamic that prompts speculation about the crypto’s prospects.

Ethereum: Big Investors Withdrawing Their Gains

One of these traders, identified as 0xb82, strategically sold 7,300 ETH for 24.4 million dollars in stablecoins via Binance. This Ethereum whale thus realized a substantial profit of 22.7%, equivalent to a remarkable amount of 4.59 million dollars.

Three days ago, on March 16, 0xebf, another trader deposited 8,870 ETH valued at 33.1 million dollars on Binance. This transaction allowed the Ethereum whale to realize a total profit estimated at 25.3 million dollars, an impressive gain of 55.8%. While the day before, 0xa43 earned a profit of 9.14 million dollars for the sale of 10,776 ETH.

A Trend Expected to Intensify?

Indeed, these transactions follow the drop in ether’s price by more than 11% since the start of the week. After peaking at 4,093 dollars, its highest level in two years, the Ethereum crypto is experiencing a significant fall that has brought its price to around 3,355 dollars.

The crypto data provider CoinGlass notes that in the last 24 hours, liquidated positions amounted to 120 million dollars. Of this total, about 85% of positions are related to long-term investments.

This has led analysts to believe that we are in the midst of what appears to be a trend of selling and profit-taking among investors. A dynamic that prompts speculation on the trajectory of ether and the crypto market as a whole.

In conclusion, the main altcoin’s ability to stabilize will largely depend on the ongoing events in the market. These have the potential to determine not only the crypto’s prospects but also the market players’ reactions.