Two Massive Institutional Investors Sold Big on a Cryptocurrency Today: Decline Followed

Bitget App

Trade smarter

Bitcoinsistemi2024/08/26 21:15

By:Mete Demiralp

When Onchain data was examined, it was determined that two major cryptocurrency whales were trading a large amount in an altcoin.

According to Onchain data, large institutional cryptocurrency investors made some big transactions today.

According to data provided by Lookonchain, Amber Group, a major cryptocurrency investment firm, sent 6,443 ETH worth $17.62 million to cryptocurrency exchanges Binance and Kraken in a transaction today.

On the other hand, another cryptocurrency company, Cumberland, moved 6,439 ETH worth $17.66 million to the cryptocurrency exchange Binance in its latest transaction.

Related News Watch Out: 19 Altcoins Have Massive Token Unlocks in the New Week - Here's the Day-by-Day, Hour-by-Hour List

The possible sales made by these institutional investors, who can be defined as whale wallets, will also bring about a drop in the price of ETH. Ethereum lost approximately 3% of its value during the day, falling from around $ 2,770 to $ 2,685.

It should also be noted that this decline is more serious than the general decline in the cryptocurrency market. In addition, ETH's weekly increase rate also lagged behind Bitcoin. While the BTC price increased by 7.5% in the last week, this rate remained around 3% in ETH.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!