Crypto Whale Saves Millions Selling Ethereum Before Market Drop

• At the time of writing, ETH is trading at $1659, down 4.69% in the last 24 hours.
• The whale however lost around $1.7M but could have lost more than $5 million.

A crypto whale who had been sitting on $41 million worth of Ethereum (ETH) sold it out only days before the market plummeted, saving a possible $5 million loss. Blockchain research platform Lookonchain highlighted the transaction. The crypto whale made a deposit of 22,341 ETH to the crypto exchange Binance on August 18 and withdrew almost $41 million in USDT.

The whale however lost around $1.7M, but could have lost more than $5 million if it would have not sold it. The market valuation of cryptocurrencies fell by 6% on August 18 to a two-month low of $1.1 trillion.

ETH Price Struggles

The price of ETH fell to roughly $1,597 recently. The same was the scenario with Bitcoin (BTC) which plummeted all the way to the $25,420 level. The decline in value came when WSJ reported that Elon Musk’s backed SpaceX, had written down $373 million worth of BTC between 2021 and 2022. Whether or not all of the assets were sold is still up in the air.

Most cryptocurrencies kept their awful streaks going on Friday morning. Ethereum desperately needs a major trigger to reverse the market’s current trend and spark a new upswing. A lot rides on the SEC’s decision on an Ether futures ETF application, which has been submitted by a number of major financial institutions.

At the time of writing, ETH is trading at $1659, down 4.69% in the last 24 hours as per data from CMC. The market cap is down 4.49% with the trading volume up 118% in the last 24 hours.

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