According to current on-chain reports, early Ethereum investors have been cashing out their reserves from centralized exchanges in recent days. Famous investor sifu.eth also increased his short position bet to 20 million dollars today. The leading altcoin is losing momentum to the $1,630 region during the sell-off.
Leading altcoin faces million-dollar sales
A giant Ethereum whale is on the move again today after a long silence. The altcoin whale, which had not made any transactions for about four years, sold 2,591 ETH for $ 4.18 million. According to the information provided by Lookonchain, the transaction was made in exchange for Tether (USDT) and Dai (DAI) via DEX Uniswap. The whale now has only 2.81 ETH left in its wallet, worth $4,500.
A wallet that had been dormant for 4 years sold all 2,591 $ETH for $4.18M stablecoins 6 hours ago.https://t.co/et78rXHG5u pic.twitter.com/pJanMLxwA3
— Lookonchain (@lookonchain) September 20, 2023
As we reported as Kriptokoin.com, Ethereum’s co-founder Vitalik Buterin also came up with a similar move. Buterin transferred 300 ETH to Kraken for approximately $490,000. However, some dormant Ethereum whales have not yet started selling. However, there is speculation that they may sell soon.
Huge short move from sifu.eth
Former CFO of Frog Nation and popular trader sifu.eth increased his short position on ETH to $20 million. According to reports from Perps Watcher, the investor is taking a huge risk by using 4.04x leverage.
sifu.eth’s altcoin position has a starting price of $1,626. The liquidation price is $1,991.06. Currently, the investor has a loss of $44 thousand on this position. Although the position shows that the investor expects a decline in Ethereum, it is also possible that this move is only for financial hedging purposes. Other investors in the ecosystem also have bearish expectations, similar to sifu.eth.
Early investors are also leaving Ethereum
Crypto analytics firm Lookonchain announced today that an early Ethereum whale deposited 6,000 ETH into Kraken. This altcoin whale participated in the first Ethereum ICO in 2014 and purchased 254,908 ETH for $0.31. This investment, which currently has a value of $1,647, is up 531,361%.
While only $2.80 was paid for the transfer, the investor still had more than 49,070 ETH left. This shows that the whale’s portfolio is currently worth approximately $80.7 million.
However, the wallet’s history shows a series of small-sum purchases, possibly known as ‘dusting’ attacks. Santiment’s Brian Quinlivan notes that large ETH holders have been declining in recent months. Significant profits were made last year as prices rose above $2,120. Meanwhile, the leading altcoin is currently trading in the $1,630 region. It decreased by 2.5% during the sales.
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