There are many players in the crypto realm, but few stand out as much as a certain “smart whale”. This particular entity has showcased an uncanny ability to navigate the turbulent waters of the crypto world, making strategic moves that leave many in awe, according to the on-chain data shared by Lookonchain.
The smart whale’s recent activities have caught the attention of many in the crypto community. Notably, this savvy trader offloaded a staggering 22,341 ETH, equivalent to $41 million, just before a significant market downturn. While this move resulted in a loss of approximately $1.7 million, it paled in comparison to the potential losses had the whale not acted swiftly. By sidestepping the market crash, the whale demonstrated a keen sense of timing and market intuition.
Interestingly, this isn’t the first time the smart whale has made headlines. After the SEC voiced concerns about the adequacy of spot Bitcoin ETF filings, Ethereum experienced a sharp decline. However, just two hours later, it rebounded. Right before this swift price movement, the whale astutely purchased 8,188 ETH, valued at $15.23 million. This acquisition was facilitated by a deposit of 32 million USDT to Binance, with the buying price of Ethereum hovering around $1,860.
Earlier, on a separate occasion, the whale had deposited 25,000 ETH ($47.24 million) to Binance, only to withdraw 15.9 million USDT shortly after. Such moves highlight the whale’s strategy of buying Ethereum at low prices and selling at higher rates, maximizing profits.
The broader cryptocurrency market, however, has been less predictable. Recently, the market witnessed a sharp decline, with the total market capitalization dropping by over 9% to $1.04 trillion. Both Bitcoin and Ethereum, the two giants of the crypto world, suffered significant losses. Bitcoin’s price dipped to around $26,000, breaking past the crucial $28,000 support. Concurrently, Ethereum’s value plummeted to roughly $1,600, bypassing the $1,700 support mark. Such drastic declines in these major cryptocurrencies invariably impact the wider altcoin market.
Despite the volatile nature of the cryptocurrency market, the smart whale has managed to maintain an impressive 100% win rate in Ethereum trading over the past couple of months. While some traders struggle to stay afloat, this particular entity continues to swim gracefully, making waves and capturing the attention of many. As the crypto community watches closely, many wonder what the next move of this smart whale will be.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com