Crypto News

Ethereum Dips Below $3.4K As Major Whale Activity Sparks Market Attention

Ethereum has seen a decline below the $3.4k mark today, further exacerbating concerns among investors. Just before this drop, an Ethereum ICO participant deposited 5,500 ETH ($19.3 million) to Kraken, suggesting significant whale activity.

This particular whale, a participant from Ethereum’s initial coin offering (ICO) in 2015, received 150,000 ETH at the ICO price of $0.31, totaling an investment of $46,600.

Over the past two days, this whale has deposited a total of 10,000 ETH ($35.4 million) to Kraken. Despite these significant transactions, the whale still holds and stakes 139,000 ETH ($476 million) across eight different wallets.

Whales Move Into Ethereum After Selling Off Bitcoin 

A recent market overview has highlighted substantial movements in cryptocurrency holdings among whales. Between June 5 and June 15, whales sold over 50,000 BTC, amounting to approximately $3.3 billion. Simultaneously, these large investors have acquired over 700,000 ETH, valued at around $2.5 billion, in the last three weeks.

The juxtaposition of these massive BTC sell-offs with the substantial ETH acquisitions indicates a strategic shift among large investors, possibly signaling a long-term bullish sentiment towards Ethereum despite its recent price drop. This behavior underscores the complexity and dynamism of the cryptocurrency market, where large holders can significantly influence market trends.

As Ethereum continues to navigate this volatile period, investors and market analysts will be closely watching these whale movements and their potential impact on the broader market. The current dip below $3.4k, combined with the notable whale activity, suggests that the market is in a state of flux, with significant opportunities and risks on the horizon.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: ximagination/123RF // Image Effects by Colorcinch

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