đ Crypto Whale #Ethereum Sale: $21 Million Liquidated Ahead of Anticipated ETF Launch
A crypto whale wallet identified as 0x742 has liquidated a substantial Ethereum position worth approximately $21.43 million. This move has sparked considerable interest and speculation within the cryptocurrency community.
According to news sources, 0x742 had withdrawn 8,240 #ETH from Kraken in December 2022, at a much lower price of $1,189. This strategic investment yielded an approximate profit of $12.83 million, representing a 149% increase over eighteen months. In addition to depositing 7,240 ETH to Kraken, with each ETH valued at $2,960, the crypto whale also moved another 1,000 ETH to an unknown wallet.
The timing of this massive sale has raised eyebrows, especially given the impending launch of an Ethereum ETF, which many believe could significantly impact the price and stability of the digital asset market.
Analysts like James Seyffart and Eric Balchunas from Bloomberg Intelligence anticipate these ETFs could start trading as early as next week. Furthermore, Nate Geraci, president of the ETF Store, projected that trading might commence within the next two weeks, possibly around July 15. This prediction follows Bitwiseâs update to its S-1 filing last week.
đž Geraci cited the reason for his prediction on his X post saying:Â
âMost issuers (believe all but Bitwise) still have to file the amendment on Monday. The final S-1 will be filed after that, which needs to happen by Wednesday because I donât think issuers want to launch on Friday. I think this is unlikely so Iâm moving the timeline to July 15.
The crypto whale Ethereum sale is a noteworthy event in the crypto update cycle. It comes at a time when the market is already experiencing fluctuations due to various factors, including regulatory news and technological advancements. The liquidation of such a significant amount of Ethereum could have short-term impacts on Ethereumâs price and market sentiment
Historically, moves by crypto whales, who hold large quantities of a particular cryptocurrency.
