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Ethereum Lost 1.78%, Here's Likely 'Culprit' That Pushed ETH Down

Published 2023-06-29, 08:15 a/m
Ethereum Lost 1.78%, Here's Likely 'Culprit' That Pushed ETH Down
ETH/USD
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U.Today - "Smart Money" tracker @lookonchain has whom it believes may have impacted the 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 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."

This article was originally published on U.Today

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