Crypto Whales Dump Holdings Following the Recent Market Decline

2023-07-25 12:54:40

The recent correction of the cryptocurrency market seems to have caused panic among major investors, with some selling a chunk of their holdings.

Dumping Ethereum (ETH) appears to be the main trend, whereas some whales have also ditched their Wrapped Bitcoin (WBTC) possessions.

The Decline’s Outcome

Asrevealed by Lookonchain, several cryptocurrency whales have recently dumped their stash “in panic” amid the recent correction of the digital asset market.

One Ethereum investor sold nearly 4,000 ETH for over $7.3 million when the token’s price stood at $1,846. Another dumped 7,115 ETH for $13.12 million. Currently, the second largest cryptocurrency by market capitalization trades slightly higher at over $1,855 (per CoinGecko’s data).

Shortly after, an investordumped16,751 ETH for almost $31 million. They then deposited the amount to the crypto exchange Binance and withdrew $30.8 million in USDT. The stash was later distributed to Aave and Compound through two addresses

The sell-off did not include only Ethereum. Whale “0x700b” parted with 150 WBTC at a selling price of $29,053, meaning the transaction was worth $4.36 million.

While some argued that this was a wise move considering the market correction, others disagreed. Twitter user OxVivekmaintainedthat every downturn presents “potential opportunity for growth.”

“Let’s look ahead with optimism,” they concluded.

XRP Whales on the Other End of the Spectrum

Unlike ETH and WBTC whales, major investors of XRP recently began an accumulation mode. As CryptoPotatoreportedearlier this week, the number of those holding at least 100 million XRP (around $69 million at current prices) reached an 11-week high of 199

The renewed enthusiasm surrounding the asst seems to be fueled by Ripple’s triumph in the legal battle against the United Securities and Exchange Commission (SEC). As a result, the USD valuation of the asset skyrocketedto as high as $0.95 before plunging to its current level of $0.69

The increased investor appetite for XRP caused multiple cryptocurrency exchanges, including Coinbase, Crypto.com, and Kraken, to re-introduce trading services with it. They removed the token from their platforms more than two years ago (when the SEC filed its lawsuit against the enterprise blockchain provider).

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