An ancient Ethereum whale, identified by the wallet address ‘0xe3e,’ has sold a significant portion of its holdings in recent days. The whale offloaded 10,595 ETH for approximately 24.7 million USDT over a span of three days. This sell-off comes as the whale continues to liquidate its assets irrespective of market conditions, maintaining a consistent pattern of selling 87.56 ETH for USDT every few minutes.
As of now, the whale’s remaining balance stands at 6,042 ETH, valued at approximately 14.7 million USDT. This balance represents around 36.3% of the whale’s original Ethereum holdings. Despite the ongoing sales, the whale has managed to secure an estimated total profit of 39.34 million USDT, equating to a remarkable 451x return on the initial investment.
Market Implications
According to spot-on-chain, the consistent selling activity by this whale, regardless of market direction, has captured attention in the cryptocurrency community. The actions of such large holders, often termed ‘whales,’ can influence market sentiment and price movements, especially when substantial amounts of assets are sold in a short timeframe. The whale’s strategy and potential future actions remain closely monitored as traders and investors speculate on the broader impact on Ethereum’s market dynamics.
This whale’s ongoing sell-off underscores the influence that long-standing market participants can exert on digital asset markets, highlighting the need for vigilance among market observers.
Source: https://blockchainreporter.net/ancient-whales-ethereum-sell-off-continues-amid-market-fluctuations/