Data analytics firm LookOnChain has revealed that a giant whale address has sold 16,751 Ethereum (worth approximately $30.8 million).
Ethereum Whale Sells 16,751 ETH
After depositing this amount on the Binance exchange, the same address received 30.8 million USDT with an average selling price of approximately $1,840.
A whale dumped 16,751 $ETH ($30.8M) after the market crashed.
The whale deposited 16,751 $ETH to #Binance and withdrew 30.8M $USDT, the selling price is ~$1,840.
Then deposited 30.8M $USDT to #Aave and #Compound through 2 addresses. https://t.co/wZQSXCvIA0 pic.twitter.com/O0FP3Egiy7
— Lookonchain (@lookonchain) July 25, 2023
Surprisingly, the whale address then deposited these 30.8 million USDT into two different addresses on the Aave and Compound protocols.
This massive sale and subsequent USDT investments led to various comments on volatility and speculation in the crypto markets.
The future steps of this whale address, which the crypto world is watching carefully, regarding possible price movements in the markets are eagerly awaited.
However, no official statement has yet been made as to why the whale address made this big sale and its subsequent investments in Aave and Compound.
Analysts will continue to carefully monitor the markets and other factors to understand the reasons behind such large trades.
While keeping a close eye on the movements of such major players, the crypto community should be aware that unexpected fluctuations and price changes can occur in the markets.
In such situations, it is important to be alert to price movements and to think carefully about investments. Given the volatility of the crypto markets, it is important to always make the right decisions and protect their investments.
*Not investment advice.
