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Ethereum Whale Sells at Loss Amid Bitcoin Surge

A significant Ethereum whale sale contrasts with Bitcoin's bullish momentum, shedding light on current crypto market dynamics.
Published on 2024-11-06

Major Ethereum Whale Sells at a Loss

In a notable move, a prominent Ethereum whale has sold 14,240 ETH, approximately valued at $37 million, incurring a substantial loss of $12.8 million. This unexpected transaction occurred during Bitcoin's surge to a new all-time high, while Ethereum continues to trail nearly 47% below its peak. The sell-off has intrigued market observers, highlighting the diverging paths of these leading cryptocurrencies.

Bitcoin's Bullish Momentum

Bitcoin's recent climb to its ATH has revitalized the overall crypto market sentiment. However, Ethereum's price has not followed this upward trajectory as closely. The sale took place after the whale purchased ETH at a high price of $3,502 from Binance, totaling around $49.8 million. With Ethereum's current price lagging, the whale's decision resulted in a realized loss.

Bitcoin Whales Accumulate

In contrast, Bitcoin whales appear to be in accumulation mode. Recent reports indicate that 11 new wallets have collectively withdrawn 1,807 BTC, worth $132 million, from Binance. Additionally, another Bitcoin whale is actively engaging in recursive borrowing, having secured $27 million to purchase 366.31 WBTC at an average price of $73,708. This strategic move underscores the varied strategies employed by major players in the market.

Ethereum's Price Outlook

Despite the challenges, Ethereum's price has shown signs of recovery. Bitcoin reached an ATH of $75,410, later stabilizing at $74,293. Ethereum, meanwhile, surged from $2,420 to $2,643, marking a 7.63% increase in the past 24 hours. Although still significantly below its ATH of $4,891, Ethereum remains supported by critical on-chain levels.

Silver Lining for Ethereum

Data from IntoTheBlock reveals that 64% of Ethereum addresses are profitable, suggesting a potential buffer against further declines. This presents a silver lining for Ethereum, as it hovers above crucial support levels. The situation underscores the dynamic nature of the crypto market and the contrasting trends between Bitcoin and Ethereum.

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