Ethereum

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Amid a tumultuous week for the crypto market,&nbsp;<a href="https://u.today/fidelitys-ethereum-etf-offering-gets-amendment" rel="noopener noreferrer nofollow">ETH</a> whales have made substantial moves, cashing out millions before Ethereum's price downturn. In the past four days of market downtime, three smart traders have offloaded a staggering 26,946 ETH, equivalent to a jaw-dropping $95.7 million. Their combined profits stand at an impressive $39 million, according to data from&nbsp;<a href="https://x.com/spotonchain/status/1769920887661154580?s=20" rel="noopener noreferrer nofollow">Spot On Chain</a>.
The first trader, identified as "0xb82," executed a strategic move, selling 7,300 ETH for $24.4 million in stablecoins via Binance, netting a handsome profit of 22.7%, which is equivalent to a remarkable $4.59 million. Not far behind, "0xebf" deposited 8,870 ETH, valued at $33.1 million, onto Binance on March 16, reaping an estimated total profit of $25.3 million, an impressive 55.8% gain.
Lastly, "0xa43" sold 10,776 ETH for $38.2 million on March 15, realizing a notable $9.14 million profit, equating to a 31.5% gain. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="a007f512-bab4-4082-be5d-5d53efecf443" src="https://u.today/sites/default/files/inline-images/ethprice.png">ETH to USD by <a href="https://coinmarketcap.com/currencies/ethereum/?update=1710845705799" rel="noopener noreferrer nofollow">CoinMarketCap</a>
These moves come against the backdrop of&nbsp;<a href="https://u.today/btc-eth-and-xrp-price-prediction-for-march-18" rel="noopener noreferrer nofollow">Ethereum's price</a> plummeting over 11% since the start of the week. After reaching a two-year high of $4,093 last week, Ethereum faced a significant sell-off, driving its price down to $3,200 per ETH.&nbsp;
<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a> reports that within the past 24 hours, positions totaling $120 million were liquidated, with an estimated 85% of them being long positions, suggesting a wave of sell-offs and profit-taking among investors.
The mass cash-outs by ETH whales amid the price drop raise questions about the future trajectory of&nbsp;<a href="https://u.today/solana-dethrones-ethereum-sol-co-founder-breaks-silence" rel="noopener noreferrer nofollow">Ethereum</a> and the broader cryptocurrency market. Whether the main altcoin finds a foothold will largely be both the cause and the consequence of how events develop further.

ETH Whales Cashing out Massively Amid Ethereum Price Drop

U_Today

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