After a decline in the cryptocurrency market earlier this week, a few whales sold millions of dollars worth of Wrapped Bitcoin (WBTC) and Ethereum (ETH). What are the details of these sell-offs in the crypto giants?
Massive ETH Sell-Off!
According to blockchain tracker Lookonchain, a whale sold 150 Wrapped Bitcoin worth $4.36 million at an average price of $29,053 per token. Lookonchain also states that another whale sold 3,967 Ethereum worth $7.32 million at a price of $1,846 per ETH. A third whale sold 7,115 ETH worth $13.12 million at $1,844 per ETH.
WBTC is an ERC20 token backed by Bitcoin (BTC) in a 1:1 ratio. The cryptocurrency was designed to give people the power of Bitcoin with the features of an ERC20 token. It enables users to create smart contracts for Bitcoin and allows investors to move Bitcoin between exchanges much faster.
Whale Movements!
Both cryptocurrencies experienced a price drop on Monday. The leading smart contract platform ETH dropped from $1,904 to $1,842 on Sunday. As of writing, the second-largest cryptocurrency by market capitalization is trading at $1,864.
WBTC dropped from its high of $30,202 on Sunday to $29,031 on Monday. As of writing, the cryptocurrency, ranked 16th by market capitalization, is trading at $29,278.
Another whale, according to Lookonchain, deposited 467,825 Uniswap (UNI) to Binance on Monday. The total value of the sale was $2.7 million at a selling price of $5.77. However, not all whales are selling. Lookonchain also noted that a different whale spent $5.17 million worth of stablecoin USD Coin (USDC) to purchase 2,802 Lido Staked Ether (stETH) on Monday. The same whale exchanged 10 million USDC for 5,421 ETH and then traded all of this Ethereum for stETH.
