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Notable Ethereum user "0x682" has deposited 15,000 ETH (worth $38.4 million) into the Kraken market, marking yet another large transaction. Market participants are paying close attention to this eight-hour-old event since the whale has a history of synchronizing sales with major price reductions.
The diamond-hand whale “0x682” deposited 15,000 $ETH ($38.4M) to #Kraken again 8 hours ago!
— Spot On Chain (@spotonchain) September 22, 2024
Notably, in the last 2 deposits, the whale unloaded $ETH right before the price dropped sharply, including:
• 10K $ETH ($34.2M) on Jul 25, before a 7.6% price drop,
• 15K $ETH ($39.7M)… https://t.co/VZglPwpAFd pic.twitter.com/cUNkwvL9VZ
The whale's prior activities have incited conjecture over possible price fluctuations. On July 25, the whale liquidated 10,000 ETH ($34.2 million) just before a 7.6% depreciation in Ethereum's value. On August 20, a transaction involving 15,000 ETH ($39.7 million) occurred, resulting in a 2.5% decline in price. These transactions indicate a trend whereby significant price declines immediately follow the whale's sell-offs.
According to Spot-on-chain data, the whale now owns 26,639 ETH, almost $69.7 million. The whale seems to have struck it rich with his trading approach, as his projected total profit is $132 million, or an 86% increase. The accompanying PnL overview graphic displays the data, which indicates profits of $104.283 million and gains of $27.646 million that have not been realized. Everyone is wondering how the price of Ethereum will respond to this new deposit, given the whale's track record. Market players are looking for any indications of a major sell-off, which might influence prices again. Is the market about to plunge again, or does this deposit indicate a new strategy shift from the whale?
editor
A digital nomad exploring the limitless potential of decentralized finance in a centralized economy.