Crypto whales are offloading large amounts of Ethereum (ETH), adding sell pressure to a correction in digital asset markets.
Blockchain tracking firm Lookonchain says that “many whales are dumping ETH” through a number of different platforms and exchanges in apparent panic.
“This whale exchanged 4,591.8 Lido Staked Ether (stETH) directly for 4,589.5 ETH at a loss of 2.3 ETH($6K) to avoid the long withdrawal process.
He then deposited all 5,145 ETH ($13.3M) into Binance for sale.”
Lookonchain spotted another whale similarly depositing nearly $50 million in ETH to sell on Coinbase, the biggest crypto exchange in the US.
“A whale is selling 19,000 ETH ($49.17M)!
This whale requested a withdrawal of 30,007 Lido Staked Ether (stETH) ($78.67M) 4 days ago and claimed 19,000 ETH ($49.17M).
And the whale is depositing the 19,000 ETH ($49.17M) to Coinbase to sell!”
Another two whales were seen selling 8,208 ETH worth $21.59 million in order to repay debts on lending platform Aave to avoid being liquidated.
And an additional whale, originally buying ETH well above $3,000 in March and April, apparently capitulated and has been selling their holdings at a loss on Binance.
“Another whale sold 5,088 ETH ($13.58M) at a loss of $3.66M.
This whale withdrew 5,088 ETH ($17.24M) from Binance at $3,389 from Mar 28 to Apr 3.”
Ethereum reached its high for the year at $4,115 in March, and is now down to $2,583 at time of writing.
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Generated Image: Midjourney