According to Lookonchain, a blockchain analytics company, a large crypto investor wallet, known as a “whale,” that had been inactive for a long time suddenly sold 1,014 Ethereum (ETH) worth US$1.9 million on Monday, March 17.
The whale originally purchased the ETH at an average price of US$1,771 per token, earning a profit of US$126,000 after holding onto it for three years. Previously, this wallet had an unrealized profit of US$2.3 million.
Unfortunately, it decided to sell all its holdings while the price of ETH was weak in the market. On the other hand, this large sell-off could trigger even more selling pressure on ETH.
Factors like a downward market trend, the potential for massive liquidations, and an unstable global economic situation are believed to have influenced this sudden decision.
Not Financial Advice (NFA), Do Your Own Research (DYOR).
Source: Akademi Crypto