The recent decline in the cryptocurrency market has led to a wave of panic selling among major investors, as they rush to offload their holdings. Ethereum (ETH) has been particularly affected, with several whales dumping their ETH assets. Additionally, some whales have also decided to part ways with their Wrapped Bitcoin (WBTC) possessions.
According to Lookonchain, a number of cryptocurrency whales have recently sold off their holdings in a state of panic, following the market correction. One Ethereum investor sold nearly 4,000 ETH for over $7.3 million, while another dumped 7,115 ETH for $13.12 million. Currently, Ethereum is trading slightly higher at over $1,855, according to CoinGecko’s data.
In another significant sell-off, an investor dumped 16,751 ETH for almost $31 million. The funds were then deposited to the crypto exchange Binance, and $30.8 million in USDT was withdrawn. The assets were later distributed to Aave and Compound through two addresses.
The sell-off was not limited to Ethereum alone. A whale known as “0x700b” sold 150 WBTC at a price of $29,053, resulting in a transaction worth $4.36 million.
While some argue that selling during a market correction is a wise move, others disagree. Twitter user OxVivek believes that every downturn presents an opportunity for growth and encourages optimism.
On the other hand, XRP whales have taken a different approach. Recent data shows that major investors in XRP have entered an accumulation mode. The number of holders with at least 100 million XRP (equivalent to around $69 million at current prices) reached an 11-week high of 199.
This renewed enthusiasm for XRP seems to be driven by Ripple’s recent legal victory against the United Securities and Exchange Commission (SEC). As a result, the USD valuation of XRP briefly soared to $0.95 before dropping to its current level of $0.69.
The increased investor appetite for XRP has prompted several cryptocurrency exchanges, including Coinbase, Crypto.com, and Kraken, to reintroduce trading services for the token. These exchanges had previously removed XRP from their platforms when the SEC filed its lawsuit against Ripple.
As the cryptocurrency market experiences a period of correction, some investors are choosing to sell off their holdings, while others see it as an opportunity for growth. The actions of these crypto whales provide valuable insights into the market sentiment and can influence the behavior of other investors.
