The Bearish Whale Strategy: Profit-Taking in the Crypto Sea
A significant crypto whale that acquired $151.42 million worth of Ethereum (ETH) near the market cycle low in September 2022 seems to be cashing out some of their gains, as per the digital asset tracking service Lookonchain.
The Profit-Taking Moves
Lookonchain has reported that this whale withdrew 96,638 ETH from Coinbase at an average price of $1,567 between September 3rd and 7th, 2022.
- In early March, the trader transferred 15,000 ETH valued at roughly $57.3 million to Kraken.
- Later on, they sent an additional 5,000 ETH worth $15.4 million to the same exchange.
The Current Holdings and Gains
The whale still retains 76,638 ETH, which is equivalent to approximately $230.5 million. With realized and unrealized profits combined, the trader has made close to $152 million on their initial $151.42 million investment in Ethereum.
- Currently, ETH is trading at $3,005, showing a nearly 15% decline over the past week.
- Meanwhile, Tron (TRX) founder Justin Sun made a significant move by transferring 196 million USDT from HTX to Binance.
Justin Sun’s Holdings and Exchanges
Justin Sun, the founder of Tron, publicly disclosed that his HTX account held 28,613 Bitcoin (BTC) in February, worth approximately $1.62 billion at that time. HTX, formerly known as Huobi, is a notable Seychelles-based exchange.
- The crypto community speculates over Sun’s ownership stake in HTX, as he claims to be an advisor to the platform and has shown support by backing it with a significant portion of his wealth.
- Sun’s decision to reveal his BTC holdings was a response to critics who doubted his active involvement with HTX.
Conclusion
As the crypto market sees volatile price action, whales like the one that invested in Ethereum at a low point are strategically realizing gains by making sizable withdrawals. Similarly, notable figures in the industry, such as Justin Sun, continue to make significant moves that draw attention and speculation from the community. It remains to be seen how these actions will impact the broader market trends and sentiments in the coming days.
Hot Take: Navigating the Crypto Seas in Times of Profit-Taking
A crypto whale that bought $151.42 million in Ethereum (ETH) near its market cycle bottom in September 2022 appears to be taking some profits, according to the digital asset tracker Lookonchain.
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