Six $ETH Whales Dump 44K Tokens Following the Market Downturn

The price of the 2nd-biggest crypto asset $ETH has recently plunged by more than four percent. Lookonchain, a well-known on-chain analytics provider, has disclosed that 6 whales have immediately responded to this dip by dumping their ETH tokens. The majority of the respective tokens reportedly went to the popular crypto exchange Binance.

6 whales dumped more than 44K $ETH($140M) after the market dropped!

0x4353 deposited 10,431 $ETH($32.66M) to #Binance.https://t.co/3hqVXQvHlu
0x4446 deposited 11,892 $ETH($38M) to #Binance.https://t.co/HvLu7N4DnM
0x488b sold 3,543 stETH($11.23M) at $3,170 and 3,000… pic.twitter.com/93ISSkJWfW

— Lookonchain (@lookonchain) April 29, 2024

6 Whales Respond to $ETH Dip by Dumping 44K Tokens

This event has ignited several speculations around the position of Ethereum. Some say that the crypto token is standing on the verge of another likely correction. Despite having a significant place within the crypto space, Ethereum is currently going through a huge turbulence. This takes place while the wider market is witnessing an overall change.

The decline of approximately four percent in twenty-four hours paves the way for several concerns among the ETH investors. Interestingly, the statistics that diverse on-chain tracking platforms have provided, pointed toward a huge whale activity concerning ETH. According to Lookonchain, six whale accounts dumped above 44K tokens (equaling $140 million).

The whale 0x4353 reportedly deposited up to 10,431 ETH tokens (nearly $32.66 million) to Binance. In addition to this, the whale 0x4446 also deposited almost 11,892 ETH tokens (equaling $38 million) to Binance. Another whale deposited 2,000 tokens (approximately $6.28 million) to Binance. On the other hand, two whales deposited ETH tokens to another famous crypto exchange Coinbase.

The 2nd-largest Token Experiences Fluctuations

They include 0x59e9 and 0xC47f, depositing nearly 7,943 (up to $24.9 million) and 5,584 (almost $17.5 million) respectively. The other whale “0x488b” reportedly sold up to 3,543 stETH tokens (equaling $11.23 million) at just 3,170. Additionally, this whale sold 3,000 wstETH (nearly $11.07 million) at only $3,692. In the meantime, the token is experiencing substantial fluctuations, in line with the tendency of the wider market.

Source