A huge crypto whale caused panic with a multi-million dollar Ethereum (ETH) transfer.
According to on-chain analysis platform Lookonchain, the crypto whale attracted attention with Ethereum transactions in the last 2 days.
The data revealed that the whale first sent 9,000 Ethereum worth $29 million to the cryptocurrency exchange Binance on March 19 and shortly after withdrew 30 million USDT, indicating that it sold its Ethereum assets.
One day after the first sale, the whale made a similar transaction, depositing 12,000 Ethereum worth $39.7 million to Binance on March 20. It is believed that the whale deposited these Ethereum assets to the exchange for selling, just like the first time.
In addition, Lookonchain pointed out that the whale, who has been trading Ethereum since 2017, is associated with the investment firm Youbi Capital.
Ethereum has recently entered a turbulent period due to pressure from the U.S. Securities and Exchange Commission (SEC), which has had a negative impact on its price and caused concerns among investors.
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