Ethereum Whales Sell Off ETH And Wrapped Bitcoin Amid Crypto Market Weakness

Ethereum Whales Bitcoin Amid Crypto

After the cryptocurrency market crashed earlier this week, a few whales sold millions of dollars worth of Wrapped Bitcoin (WBTC) and Ethereum (ETH).

According to blockchain tracker Lookonchain, one whale unloaded 150 Wrapped Bitcoin worth $4.36 million for $29,053 per WBTC.

According to Lookonchain, Another whale sold 3,967 Ethereum worth $7.32 million for $1,846 per ETH. For $1,844, a third whale dropped 7,115 ETH, valued at $13.12 million.

A WBTC ERC20 token with a 1:1 Bitcoin (BTC) backing. The asset is made to combine the abilities of an ERC20 token with the power of Bitcoin, allowing users to build smart contracts for Bitcoin and allowing traders to transfer Bitcoin between exchanges much more quickly.

Prices for both assets dropped on Monday. ETH’s price dropped from a high of $1,904 on Sunday to a low of $1,842 on Monday. The second-ranked cryptocurrency by market capitalization is currently selling for $1,864.

On Sunday, WBTC reached a high of $30,202 before falling to a low of $29,031 on Monday. By market capitalization, the 16th-ranked cryptocurrency is now trading at $29,278.

Lookonchain said another whale deposited 467,825 Uniswap (UNI) to Binance on Monday. $5.77 was the selling price, making the total sale value $2.7 million.

However, not all whales are selling. Lookonchain also reports that a different whale purchased 2,802 Lido Staked Ether (stETH) for $5.17 million of the stablecoin USD Coin (USDC) on Monday.

On Monday, the same whale also converted 10 million USDC into 5,421 ETH before converting all of that Ethereum into stETH.

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