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Lookonchain reports whales are dominating the Ethereum market with big sales

lookonchain-reports-whales-are-dominating-the-ethereum-market-with-big-sales
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Lookonchain reports whales are dominating the Ethereum market with big sales

In a Nov. 14 post, the cryptocurrency on-chain data analysis firm Lookonchain reports whale activity amid Ethereum price surge.

Notable sales have included a $154 million profit for one whale and a loss of $183 million for another.

Whale movement on chain

In the thread, Lookonchain points to the whale at address β€œ0xee47,” that has reportedly increased their Ethereum (ETH) holdings by 3,200 ETH, equivalent to approximately $6.7 million. This accumulation comes seven months after the whale initially began acquiring ETH on July 5, 2022. Presently, their holdings stand at 183,742 ETH, valued at around $387.8 million, reflecting an unrealized profit of approximately $154 million.

In a parallel occurrence, another whale at address β€œ0x78D0” has been actively accumulating ETH since May 24. This particular whale reportedly acquired 12,680 ETH at an average price of $1,768 from the Kraken exchange. As of the latest available data, their total holdings amount to $26.16 million, with an unrealized profit reaching an estimated $3.7 million.

At the same time, whale β€œ0xBf71” deposited 30,001 ETH, worth $62 million to finance, in what is a total loss of $183 million.

Holding steady at $2,000

Over the last five days, Ethereum has maintained a position above the $2,000 threshold following the registration of an iShares ETH Trust by BlackRock, the world’s largest asset manager boasting $9.4 trillion in assets under management.

The trust was officially registered on Nov. 9, and in the aftermath of this development, Ethereum experienced a 9% increase gaining the attention of the everyday investor and whale alike.