The Altcoin Whale, Which Causes Price Declines Every Time It Sells, Sells Again – What Happened This Time?

A crypto whale who has been described as “diamond-handed” due to not selling for a long time has finally sold his holdings, according to onchain data provided by SpotOnChain.

According to the data, a whale with the starting address 0x682 sent 15,000 Ethereum (ETH) worth $38.4 million to cryptocurrency exchange Kraken. It is not known whether the whale sold specifically, as cryptocurrency exchanges mix user funds, but transfers from cold wallets to exchanges usually result in sales.

Notably, the ETH price had previously seen a sudden drop after the crypto whale’s sell-offs. Examples include:

• Following the $34.2 million ETH sale on July 25, there was a 7.6% drop.
• On August 20, the whale sold $39.7 million worth of ETH, and the price dropped by 2.5%.

This time, the ETH price has increased by 1% so far.

At the time of writing, this ETH whale has another 26,639 ETH in his wallet, worth $69.7 million, and his total profit so far is $132 million, or 86%.

*This is not investment advice.