Panic-Selling Whale Dumps $29.7M Worth of ETH Amidst Price Plunge

IconCryptoNewsTerminal Staff23 May, 2024

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Panic-Selling Whale Dumps $29.7M Worth of ETH Amidst Price Plunge

A whale with an address starting with "0x4451" panicked and sold 7,921 ETH (approximately $29.7 million) around $3,754 after the price of Ethereum (ETH) plummeted. The price of ETH experienced a sharp decline from $3,915 to $3,723 on July 23rd at 9:56 PM (KST). According to on-chain analyst @ai_9684xtpa, the dip in ETH price may have been partially caused by an address believed to belong to Symbolic Capital, a venture capital firm. This address sold a significant amount of ETH, contributing to the price drop. The sudden and large sale by the whale with the "0x4451" address indicates panic-selling behavior. This behavior is often observed when investors are concerned about a potential downturn in the market and opt to sell their assets in an attempt to minimize losses.

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