- An Ethereum whale recently sold their Ether holdings. Apparently, this sale happened just before the market crash.
- The trader saved $5 million in the process.
Something happened in the crypto market, which is wholesome to hear. With the market full of red charts, it is always appealing to hear someone taking a profit before tragedy strikes. However, in this particular story, an Ethereum whale sold his Ether holdings just before the market crash happened. Imagine making a profit a minute before the biggest market crash happens? It feels like luck, right? But in this case, it was much bigger than luck. Let’s find out together!
Ethereum Whale Saves $5 Million
- According to blockchain analysis platform Lookonchain, an Ethereum whale made a pinpoint decision that saved millions of dollars. Apparently, the trader saved this amount of money by selling off their holdings just before the market crash.
- The crypto market crash was a brutal one. Bitcoin dipped by more than 8%. Even Ethereum saw losses of more than 10%. However, this whale was faster than the market. The trader withdrew 22,341 Ether from the Binance exchange on August 18th, converting the stash to $41 million worth of Tether stablecoins.
- The catch here is that it was on this same day that the market crash happened. Apparently, massive losses awaited the trader, assuming they didn’t sell the holdings. Nevertheless, this trader saw a loss of $1.7 million, considering the time he bought and sold the token. Still, it is miles better than losing more than $5 million. But how did this happen?
How The Ethereum Whale Saved $5 Million
- Many are attributing the pinpoint sale to the trader’s luck. But that can’t be true. At least, judging from previous trades from even expert traders, it is tough to make the best trades through luck. Logically, this Ethereum whale likely relied on acute technical and on-chain analysis rather than just bare luck. There’s a reason for this.
- On August 17th, Ether traded around $1,820. Apparently, this made the whales’ holdings stand at $40 million. Then the next day, when the trader sold, Ether plunged below $1,600. Maybe, instead of hodling through the massive decline, the traders’ indicators warned of a heavy price drop ahead.
- The heavy Ethereum price crash came alongside the general decline in the crypto market. Apparently, the global crypto market cap lost around $70 billion in 24 hours on August 18th.
Crypto trading is something that requires a lot of carefulness and study to undergo. Furthermore, a crypto trader will need good timing skills to make profitable trades. The same thing happened to an Ethereum whale, who was quick to withdraw the Ether holdings before the crypto market collapse. Apparently, this trader lost about $1.7 million in the market. But the good thing is, assuming the trader didn’t sell, there’s a loss of more than $5 million. While there are speculations of luck, it is more of a calculated sale.