In a noteworthy development in the crypto market, a significant wallet, commonly referred to as a whale, recently divested a substantial amount of Ethereum (ETH). According to monitoring service @ai_9684xtpa, this entity, which had previously acquired ETH at an average cost of $1,819 over the past two years, sold off 5,596 ETH within a mere hour. This transaction resulted in a staggering loss of approximately $1.312 million.
The whale conducted its ETH purchases through 1inch, a decentralized exchange aggregator, between May and November 2023. The recent sale was executed at a price of $1,584, reflecting a 12.8% decline in the asset’s value over the specified period. Such movements by large holders can have significant implications for market sentiment and price volatility, underscoring the dynamic nature of the cryptocurrency landscape.