Bitcoin (BTC) and altcoins experienced a major crash over the weekend, with Bitcoin falling to $52,500 while Ethereum fell to $2,150.
While investors were selling wildly during this decline, Metalpha, one of the leading cryptocurrency investment companies, also made a massive ETH sale.
According to Lookonchain's post, Metalpha moved $23 million worth of ETH to Binance today.
Accordingly, an address associated with Hong Kong-based asset manager Metalpha deposited 10,000 ETH to Binance.
Lookonchain also added that this address associated with Metalpha transferred a total of 23,589 ETH worth $54.1 million to Binance over the last three days.
Giant Whale Started Bottom Purchasing!
While Metalpha continues to sell ETH, a smart whale bought 5,000 ETH worth $11.46 million from the bottom in the last 2 days.
This whale purchased $5,200 ETH at an average price of $1,322 in November 2022. The whale then sold all of its ETH in January, December 2023, and January 2024 at an average price of $2,093, earning more than $4 million.
Ethereum continues to trade at $2,311 at the time of writing.
*This is not investment advice.