Crypto Market Weakens as Ethereum Whales Offload Huge Amounts of ETH and Wrapped Bitcoin: On-Chain Data

Crypto Market Surge Reversed as Whales Sell Millions in Wrapped Bitcoin (WBTC) and Ethereum (ETH)

"Whales Offload Millions in WBTC and ETH Amidst Crypto Market Dips - Lookonchain Tracker Reveals"

According to blockchain tracker Lookonchain, significant players in the cryptocurrency space recently sold large amounts of Wrapped Bitcoin (WBTC) and Ethereum (ETH) following a favorable market earlier this week.

One whale made a substantial dump, selling 150 Wrapped Bitcoin valued at $4.36 million at a price of $29,053 per WBTC. Simultaneously, another whale offloaded 3,967 Ethereum worth $7.32 million, each at $1,846 per ETH. Additionally, a third whale sold 7,115 ETH valued at $13.12 million for $1,844 each.

Wrapped Bitcoin (WBTC) is an ERC20 token backed 1:1 with Bitcoin (BTC), offering the features of an ERC20 token while representing the value of Bitcoin. This allows users to create smart contracts for Bitcoin and facilitates faster movement of Bitcoin between different exchanges.

Both assets experienced price declines on Monday, with ETH dropping from a high of $1,904 on Sunday to a low of $1,842. At the time of writing, Ethereum is trading at $1,864. Similarly, WBTC went from a high of $30,202 on Sunday to a low of $29,031 on Monday, with the current trading price at $29,278.

Lookonchain also reported that another whale moved 467,825 Uniswap (UNI) tokens to Binance on Monday, selling them at $5.77 each, totaling a value of $2.7 million.

On a positive note, not all whales are selling. Lookonchain observed that a different whale invested $5.17 million worth of stablecoin USD Coin (USDC) on Monday to purchase 2,802 Lido Staked Ether (stETH). Moreover, the same whale exchanged 10 million USDC for 5.421 ETH and further converted all that Ethereum into stETH.

Jul 26, 2023