As an analyst with over two decades of experience in the financial markets, I find myself intrigued by this recent development involving Ethereum whales and the Genesis bankruptcy proceedings. The data from Arkham Intelligence and on-chain analysis paints a fascinating picture of the market dynamics at play.
Recently, large Ethereum investors (Ethereum whales) have been rapidly unloading their assets. Interestingly, it’s been found that the recent entity receiving the Genesis bankruptcy assets is also disposing of its Ethereum holdings.
Over the past three days, the creditor has offloaded a significant amount of ETH, totaling approximately 12,100 units. With each ETH currently valued at around $2,625, this transaction amounts to an impressive $31.4 million. This move follows closely on the heels of a substantial repayment the creditor received from Genesis Trading in late August.
According to blockchain information, the wallet with the address 0x999…46E has been given the most compensation during the repayment procedure. On August 2nd last month, this wallet received approximately 114,502 ETH, which equates to around $358.19 million.
Although they possess a significant share of the funds resulting from the liquidation, the creditor has already begun offloading a substantial part of their holdings. This sale process started on September 23, as the wallet initiated transfers of ETH to FalconX, a well-known institutional cryptocurrency trading platform.
Over the coming days, the creditor made a cumulative transfer of 12,100 Ether, with the most recent transaction taking place on September 25th. This single transaction encompassed 7,099 Ether, equivalent to a grand total of approximately $18.56 million.
2023 saw Genesis, a company, filing for bankruptcy following a string of difficulties, some stemming from its overseeing organization, Digital Currency Group. As part of the Chapter 11 bankruptcy proceedings, Genesis initiated repayment to its creditors last month, distributing roughly $4 billion in cryptocurrencies to those affected.
Even with these widespread sell-offs happening, the price of Ethereum has maintained a strong position above the $2,600 mark by effectively dealing with the selling pressure.
Ethereum Price Recovery from Here?
In the midst of Ethereum’s recent price stabilization, significant Ethereum investors (referred to as ‘whales’) have been actively purchasing decreases in value and expanding their Ethereum holdings. Data from LookonChain indicates that two particularly intelligent whales have a history of making profitable swing trades involving Ethereum.
2 smart whales who are good at swing trading $ETH both bought $ETH after the $ETH price dropped!
0x0eb5 has executed 8 swing trades on ETH since August 12th, consistently profiting from buying low and selling high. Remarkably, this trader’s success rate is a perfect 100%, yielding an impressive total profit of $1.56 million! Put another way, they acquired approximately 10,206 ETH (around $26.24 million)…
— Lookonchain (@lookonchain) September 26, 2024
According to the most recent data from Crytoquant, the sentiment among Ethereum futures traders has turned optimistic, suggesting they anticipate an increase in Ether’s value up to around $3,000.
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2024-09-26 15:17