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- A smart money investor sold 2,500 ETH on Binance for $7.27 million.
- Recent interest rate changes and geopolitical tensions have intensified crypto market volatility.
According to Lookonchain, a smart money investor has made news yet again. Less than 24 hours ago, this smart investor deposited 2,500 ETH ($7.27 million) in two transactions of 1,500 and 1,000 ETH apiece, into the Binance exchange for liquidation.
Smart Money’s Strategic ETH Trades and Market Impact
According to Lookonchain, this investor is particularly adept at buying ETH at low prices and selling it at highs. Currently, the smart money wallet contains 543.55 ETH, worth $1,243,735.
Interestingly, just after the investor sold, the price of ETH fell by 21%. This decision was highly wise because it allowed the investor to earn huge profits before the market declined, which resulted in substantial losses for other investors.
This smart money sold $ETH before the market crashed!
And the price of $ETH dropped 21% after he sold!https://t.co/1SIfM8R2Ia pic.twitter.com/oWGRIpd0NN
— Lookonchain (@lookonchain) August 5, 2024
At the time of writing, ETH is trading around $2,237.33, down 23.27% over the last 24 hours, while daily trading volume has increased by 194.80% to $47.17 billion. This increase in volume indicates a very powerful, intense, and dominant selling action.
As we previously reported, the cryptocurrency market has experienced a severe slump, with Bitcoin (BTC), the largest cryptocurrency by market cap, leading the way.
The Bank of Japan’s recent interest rate hikes, as well as possible rate cuts in the United States, have contributed to the crypto market’s recent decline. Geopolitical concerns and substantial sell-offs by corporations such as Jump Crypto have fueled volatility in risky asset markets, including cryptocurrency.
On the other hand, CNF has highlighted a whale that accumulated 126,000 ETH just a few days ago over the weekend, worth $440 million.
