An Ethereum ($ETH) whale investor has recently gained market-wide attention with a notable dump. In this respect, the Ethereum whale, going by Ethereum OG, has dumped a staggering $124M in $ETH on Bitstamp over 2 days. As per the data from Lookonchain, this underscores a considerable development amid the growing selling pressure. As a result, the development raises questions about the possibility of more liquidations.
Ethereum Whale Cumulatively Dumps $124M on Bitstamp over 2 Days
The on-chain statistics disclose that the Ethereum whale, “Ethereum OG,” has dumped a noteworthy 40,251 $ETH on Bitstamp over a couple of days. The respective figure underscores a stunning value of $124M. Originally, the investor reportedly accumulated up to 154,076 $ETH coins, equaling a total $517. Nevertheless, over the past 2 days, the whale has shown a shift in behavior with big dumps. Specifically, the 124M $ETH deposit highlights a noteworthy impact of selling pressure on the whale’s actions.
Nevertheless, although the whale has deposited notable $ETH amounts, it still retains considerable $ETH holdings. In this respect, the whale possesses 26,000 $ETH at the moment. This amount accounts for $80.15M. Nonetheless, the big scale of these deposits has triggered concerns over likely liquidations in the near future. Particularly, 2 days earlier, 10,000 $ETH, equalling $30.73M, were shifted from “0xBd7,” while another 4,251 $ETH, denoting $13.06M, moved from 0x76A.
Large Capital Transfers Spark Risk of Volatility and Further Liquidations
According to Lookonchain, these transfers collectively surpass the $124M figure dumped on Bitstamp. Such large-scale capital transfers during a short time often indicate likely sell-offs, igniting the possibility increase market volatility risks. Keeping this in view, the market onlookers are keenly watching for the potential outcomes of this development.
Source: https://blockchainreporter.net/eth-whale-dumps-124m-on-bitstamp-as-selling-pressure-increases/
