Ether whale dumps $41M days before the market crashed

A crypto whale holding huge quantities of Ether (ETH) bought $41 million value of the asset a number of days earlier than the market crashed, avoiding a possible $5-million loss. 

The commerce was flagged by the blockchain evaluation platform Lookonchain, which follows and shares what it considers to be sensible trades. On Aug. 18, the crypto whale deposited 22,341 ETH on the Binance trade and withdrew round $41 million in Tether (USDT).

Checklist of transactions that the crypto whale made earlier than the crash. Supply: Etherscan

Whereas the crypto whale misplaced round $1.7 million in worth, the dealer managed to keep away from additional potential losses that would have gone as much as greater than $5 million when the market costs dropped. On Aug. 18, crypto’s market capitalization dropped by 6% to $1.1 trillion, which is the bottom degree seen in no less than two months. 

Ether, the second-largest crypto by market capitalization, dropped from round $1,820 per token on Aug. 17 to about $1,597 the following day. In the meantime, Bitcoin (BTC), which composes about 50% of the complete crypto market, dropped from about $28,400 to $25,649 in the identical time-frame earlier than making a restoration to above $26,000 in a number of hours.

Associated: Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT

The worth drop adopted a report by mainstream media outlet The Wall Road Journal highlighting that Elon Musk’s aerospace know-how agency, SpaceX, wrote down $373 million worth of BTC from 2021 to 2022. It nonetheless stays unclear whether or not the complete holdings have been bought or not.

In the meantime, the corporate’s Bitcoin write-down sparked confusion among crypto community members. Some media shops reported that the agency bought the complete stash, whereas others expressed that they have been unable to verify the quantity bought primarily based on the report’s wordings. Some customers on X (previously Twitter) referred to as out Musk on the platform, saying that he had “paper fingers,” which is a time period used to explain those that are unable to carry onto their crypto long run.

Collect this article as an NFT to protect this second in historical past and present your help for impartial journalism within the crypto area.

Journal: Tokenizing music royalties as NFTs could help the next Taylor Swift