ETH Panic Sell: Whale Dumps 5,000 ETH ($15.6M), Requests $31M Withdrawal from Lido

In recent Ethereum transaction news, one ETH whale sold 5,000 ETH for $15.6 million in panic after the price of Ethereum started plummeting

This massive sell-off was witnessed right when the whale launched a request to withdraw an additional 9,817 ETH ($31 million) from Lido, a staking service for Ethereum. This rapid transaction has caused some controversy about whether it adversely affects the price stability of the ETH within the short term.

A Calculated Move with Previous Gains

As Lookonchain blockchain intelligence pointed out, the whale purchased 14,877 ETH from February 1 to April 24, 2024, at an average price of $2,864 per ETH for nearly $42.6 million

This strategic acquisition made the whale earn a profit of $4 million each time prices shot up. Nevertheless, Ethereum has had a turbulent couple of weeks, and a crash in price has led the whale to unload a part of its holding in advance to secure the profits.

Market Reactions and Investor Sentiment

The price of Ethereum at the moment is $3,166, down by 6.1% in the last 24 hours. Transactions in large quantities by whales usually cause price fluctuations due to the overall impact on investor sentiments

Although whether the whale will sell the remaining 9,817 Ethereum after the withdrawal is unknown, its actions show cautious moves by withdrawing assets from Lido during volatile markets.