Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
"Smart Money" tracker @lookonchain has spotted a whale whom it believes may have impacted the Ethereum price decline that happened earlier today.
Whale likely caused ETH price drop
According to @lookonchain's tweet, the smart whale moved 25,000 ETH (worth slightly more than $47 million) to the Binance exchange yesterday. More than nine hours ago, he made a withdrawal of 16 million USDT from the same exchange after selling a portion of his Ethereum.
He may still have roughly 8,000 ETH unsold that he is storing on Binance with a potential profit of $14.7 million. @lookonchain assumed that this sell-off performed by the whale likely impacted the ETH price, pushing it down nearly 1.8%.
By now, however, ETH has recovered the losses and even grown more, demonstrating a rise by 2.26% overall. As of this writing, Ethereum is going at $1,867 per coin on the Binance exchange.
@lookonchain pointed out that the aforementioned whale is well-known to be a "smart whale" as he always buys crypto when it hits lows and sells as soon as the price spikes, when he has a "100% win rate in ETH trading."
Tomiwabold Olajide
Arman Shirinyan
