Ethereum Veteran Profits From Market Drop, Data Shows
On-chain data reveals a large holder sold $188M before the crash and repurchased at lower prices.
Ethereum has recovered above $1,650 after last week's sharp correction, providing some relief to investors. However, on-chain data from Arkham Intelligence has surfaced a wallet that appears to have anticipated the drop.
A Timely Trade
The wallet, linked to an early Ethereum holder, sold approximately $188 million worth of ETH just before the price decline. Days later, the same wallet bought back a similar amount at a lower price, effectively profiting from the volatility.
This behavior suggests a strategic move rather than panic selling, as the repurchase indicates confidence in Ethereum's mid-term outlook.
Market Context
The broader crypto market saw a sharp downturn last week, with Bitcoin briefly dipping below $20,000. Analysts have pointed to macroeconomic factors and liquidations as contributing causes. Despite the recovery, sentiment remains cautious.
- Ethereum currently trades around $1,650, up 15% from weekly lows.
- On-chain data highlights the actions of large holders during volatile periods.
- Such trades can exacerbate price movements but also provide liquidity.