Ethereum whales who sold before the crash escaped major losses

Ethereum whales who sold before the crash escaped major losses

Cryptocurrencies, especially bitcoin, spent the night with a sharp decline. While bitcoin has recovered to $25,000, the second largest cryptocurrency ether has also dropped to $1,550.

The fall in cryptocurrencies began with the release of the Fed minutes on Wednesday and deepened with the development of Evergrande’s official bankruptcy as well as SpaceX selling $373 million in bitcoin (it is not known when).

The fall caused heavy losses to investors, especially those trading in leveraged markets. While $800 million of positions were liquidated in just 30 minutes, the figure exceeded $1 billion in the 24-hour time frame. On the other hand, there were those who narrowly escaped loss by anticipating the fall.

$41 million in Ether sold before crash

An Ethereum whale sold all 22,341 ETH worth $41 million just hours before the big market drop. The said sale was made at the $1,840 level, and if it was not done, it would have resulted in a loss of $4 million at the current price of $1,680.

Source: X/lookchain

Some panicked, some bought the ‘bottom’

On the other hand, some large investors indulged in panic selling. For example, Blocktower Capital deposited 5,000 ETH worth $8 million 400 thousand on Coinbase after the crash. However, the other two whales also bought millions of dollars from the bottom.

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