Ethereum Faces Volatility As Market Value Surpasses $3K With Whales Selling And Buying More Token

The cryptocurrency community celebrated a significant milestone as Ethereum’s market value surpassed $3,000 for the first time since April 2022.

However, the jubilation was short-lived as the broader market experienced a drop over the past 24 hours, signaling a period of volatility.

#Crypto's celebration of #Ethereum's market value exceeding $3K was brief after a market-wide drop over the past 24 hours.

= Mentions of #3K in relation to $ETH's price
= Mentions of #buy or #buying #Ethereum, indicating crowd #FOMOhttps://t.co/oy7p8JEHnz pic.twitter.com/WOAWO6l5FW

— Santiment (@santimentfeed) February 21, 2024

On-chain reports suggest that while some whales opted to take profit as Ethereum reached this milestone, others seized the opportunity to purchase the dip, highlighting the divergent strategies within the market.

Recent on-chain outflow activity, as revealed by Lookonchain, unveiled a whale who offloaded 16,597 ETH ($48.7M) at $2,934 on a decentralized exchange (DEX) within the past 24 hours. 

A whale dumped 16,597 $ETH($48.7M) at $2,934 on DEX in the past 24 hours.

The whale withdrew 16,599 $ETH($43.16M) from #OKX via 5 wallets on Jan 12, when the price was $2,600.

The profit is ~$5.5M.https://t.co/VdexsMzjtT pic.twitter.com/OkIHHpLEEr

— Lookonchain (@lookonchain) February 22, 2024

This move followed the withdrawal of 16,599 ETH ($43.16M) from OKX via five wallets on January 12, when the price stood at $2,600, resulting in a profit of approximately $5.5M.

Possible Justin Sun’s Wallet Involvement In Buying More Ethereum ETH In The Past 24 Hours

In contrast, suspected wallets linked to Justin Sun demonstrated increased buying activity, acquiring 12,702 ETH ($36.9M) within the past 24 hours. 

The suspected #JustinSun wallet bought 12,702 $ETH($36.9M) again In the past 30 mins.

In less than 10 days, he bought 104,055 $ETH($296M) at $2,846 from #Binance and #DEX!

And $ETH Buying is going on!https://t.co/wRpBkwcEcf pic.twitter.com/ow15DHcpTR

— Lookonchain (@lookonchain) February 21, 2024

In less than 10 days, Sun’s wallets purchased a total of 104,055 ETH ($296M) at an average price of $2,846 from Binance and various decentralized exchanges, indicating ongoing bullish sentiment.

Another notable inflow was observed from a giant whale identified as 0x7a9, who purchased 16,160 ETH ($46.95M) at approximately $2,906 just hours ago. This transaction involved withdrawing 9,277 ETH ($26.95M) from Binance and acquiring 6,883 ETH with $20M USDT via 1inch exchange.

Giant whale 0x7a9 bought another 16,160 $ETH ($46.95M) at ~$2,906, 9 hours ago!
• withdrew 9,277 $ETH ($26.95M) from #Binance
• bought 6,883 $ETH with 20M $USDT via #1inch

Overall, the whale has bought 87,819 $ETH at ~$2,875 ($252.5M) in the past 4 days,

And now holds 112,966… https://t.co/QkrezJcRlr pic.twitter.com/VuVVPCjWni

— Spot On Chain (@spotonchain) February 22, 2024

Overall, the whale accumulated a total of 87,819 ETH ($252.5M) over the past four days at an average price of $2,875, bringing the total holdings to 112,966 ETH ($334M) with an unrealized profit of $17.25M.

The fluctuating dynamics within the Ethereum market underscore the intricacies of crypto trading and investor behavior, with whales playing a significant role in shaping market sentiment and influencing price movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: iloveotto/123RF // Image Effects by Colorcinch