This sell-off pattern among ETH whales might have been triggered by a strategic move to reap the benefits of the cryptocurrency’s recent surge in value. This market situation largely stems from the positive court decision in favor of Ripple‘s XRP, which had a ripple effect on several other cryptocurrencies, including Ethereum.
The court’s decision seems to have provided a significant boost to the overall cryptocurrency market sentiment, leading to a considerable price appreciation for several tokens, Ethereum included.
Subsequent to the XRP court decision, surged to around $2,000. This impressive rally undoubtedly offered an attractive profit-taking opportunity for ETH whales who had acquired their holdings at lower price levels. As such, the current ETH sell-off by whales could be a reflection of these large investors cashing in on their profits, an understandable move considering the crypto market’s notorious volatility.
However, as whales started selling, the price of Ethereum began to retreat from its $2,000 level, a natural market reaction to a substantial sell-off. This recent activity in the Ethereum market serves as a reminder of the significant influence whales can wield on crypto prices, often leading to sharp price fluctuations.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
