The recent market decline in the cryptocurrency industry has caused a wave of panic among major investors, leading to a significant sell-off of 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 platform that tracks blockchain data, numerous cryptocurrency whales have recently sold off their holdings in a state of panic due to the market correction. One Ethereum investor sold nearly 4,000 ETH for a staggering $7.3 million when the token’s price was around $1,846. Another whale 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 notable transaction, an investor sold 16,751 ETH for almost $31 million. The funds were then deposited into the popular crypto exchange Binance and withdrawn as $30.8 million in USDT. These funds were later distributed to Aave and Compound through two separate addresses.
The sell-off trend was not limited to Ethereum alone. A whale known as “0x700b” sold 150 WBTC for a price of $29,053 per token, 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 a potential opportunity for growth and encourages optimism for the future.
On the other hand, XRP whales have taken a different approach. Recent data shows that major investors in XRP have begun accumulating the digital asset. 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 is likely fueled by Ripple’s recent legal victory against the United Securities and Exchange Commission (SEC). As a result, the USD valuation of XRP skyrocketed to as high as $0.95 before settling at 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 more than two years ago when the SEC filed a lawsuit against Ripple.
In conclusion, the recent market decline has triggered a sell-off among cryptocurrency whales, particularly in Ethereum and Wrapped Bitcoin. However, XRP whales have taken a different approach and have started accumulating the digital asset following Ripple’s legal victory. The market correction presents both challenges and potential opportunities for growth, and investors are advised to approach the situation with optimism.