Whale shakes up Ether market with $103M sell-off and $70M repurchase

A whale made some splash in the Ether ecosystem by selling and repurchasing Ethereum tokens. They first transferred $103 million worth of ETH and later bought some tokens for $70 million. The number of tokens transferred at that time was 33,765 and 22,713, respectively, with an average price of $3,082. According to reports, the whale transferred the funds to borrow $80 million USDC on the Aave platform.

Many believe that it is equivalent to adding back the leverage that the whale unloaded, suggesting that they may have done so after regretting selling their tokens.

Both situations hold validity. The whale, or a large crypto investor, may have sold to prevent further loss. ETH is down to $2,887.5, with a decline of 8.83% in the last 24 hours. There is a chance it will fall further. Hence, it only makes sense to secure whatever profit they can put in their pocket.

As an alternative, the whale may have done so to secure funds for other objectives before being persuaded to repurchase them.

Another reason why both scenarios are valid is that it’s possible to overlook the Spot Ether ETFs’ approval. It has been termed as a golden egg for ETH by many crypto community members. The approval could potentially lead to a significant surge, albeit not instantly. Therefore, holding at least a portion of ETH makes sense, even if a trader or investor wants to shed some weight.

Traders and investors view a crypto rock bottom as a phase where they can buy the dip. They are poised to unleash a bull run, which entails a price hike and the ability to sell tokens at a higher price for profits. ETH is likely at its lowest trading value. Despite projections of further decline, there is a possibility of an upswing following the US SEC’s approval of the ETF.

The ETH price is anticipated to surpass the $3,000 value within the next three days. Under the influence of 4.02% volatility, it has the potential to increase by 3.16% and reach the base at $3,188. As the FGI continues to award it only 29 points, the prevailing sentiments are overwhelmingly negative.

The liquidation of Bitcoin ($BTC) is adding fuel to ETH’s downtrend trajectory. Mt. Gox and the German Government are constantly exerting selling pressure. The higher both factors rise, the lower Ether could hit in the future. However, it would still be wrong to negate the fact that the approval of the Spot Ether ETF brings opportunities for notable gains.

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There is no clear picture of why Whale traded $103 million worth of Ethereum tokens to repurchase $70 million worth of the same tokens.

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