Whale Sells 3,054 ETH for 13.85M DAI, Nets $7.8M
On August 25, on-chain data revealed a whale ETH sale of 3,054 ETH at $4,534 per ETH, converting into 13.85 million DAI. This whale had initially swapped BTC for ETH in January at an ETH/BTC rate of 0.0354, around $3,278 per ETH. The transaction netted a $7.79 million realized profit. The on-chain ETH/BTC rate has since risen to 0.0413. This whale ETH sale highlights significant profit-taking and may influence short-term ETH price action. Crypto traders should track on-chain analytics to gauge market sentiment and stability.
Bearish
Large-scale whale ETH sale often signals profit-taking near local highs, which can exert downward pressure on ETH prices in the short term. Historically, similar whale offloads have preceded temporary dips as market participants follow suit. The conversion into DAI increases stablecoin liquidity, indicating a shift from risk assets to stable assets. While the rising ETH/BTC rate reflects broader bullish sentiment for Ethereum against Bitcoin, the substantial sale suggests caution. Overall, the news points to bearish short-term implications, though long-term ETH fundamentals remain unaffected.