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An Ethereum whale, known for receiving the largest payout during Genesis Trading’s liquidation, has executed a staggering $89.2 million sale by offloading 40,000 ETH. The move comes as Ethereum struggles to maintain its value, even though its price is currently up 6.96% at around $2,244. Despite the price increase, trading volumes have dropped 14%, adding to market concerns.
The massive transaction was carried out over March 4 and 5, when the whale moved 30,000 ETH to Galaxy Digital and another 10,000 ETH to FalconX. In return, the whale received $20 million in USDC from Galaxy Digital and an additional $19.49 million in USDC from FalconX. This sale has triggered intense discussions in the crypto community, as the whale had originally received 114,500 ETH during the Genesis Trading liquidation, a deal that once valued each ETH at $3,128.
The dramatic market downturn has significantly impacted the value of these holdings. With ETH losing nearly 30% of its earlier value, the whale’s previously sizable portfolio has shrunk by about $110 million. Such a large transfer could be an indication that the whale is preparing for further price sell-offs, potentially signaling caution within the broader crypto market.
Ethereum has been under mounting pressure in recent weeks, with its value dropping over 13% in just the past seven days. On-chain data reveals that unrealized profits among ETH whales have declined to levels reminiscent of the previous bear market. Furthermore, the ETH/BTC ratio has been falling, a sign that uncertainty and fear are intensifying among investors. Currently, while only 5.7 million ETH is in profit (7.55% of the market), a significant 69.7 million ETH remains at a loss, representing 92.40% of the total supply. Additionally, more than 60,000 ETH has been moved to exchanges in the past two weeks, further signaling increased selling pressure.
ETH whales' unrealized profit ratio: bear market level
— CryptoQuant.com (@cryptoquant_com) March 4, 2025
“It means that most of their position are back at the same level of profit as it was during the bear market despite a price twice higher today.” – By @Darkfost_Coc
Read more ⤵️https://t.co/qwG6aBDzva pic.twitter.com/MFai6yuRkh
Analysts note that Ethereum’s price is hovering around the $2,250 mark after facing stiff resistance at $2,400. A breakthrough above this level could potentially propel ETH towards $3,000, although continued selling pressure may force the price down to support levels between $2,015 and $2,368. Investors remain watchful as market dynamics evolve.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
