Ethereum Whale Dormant for One Year Begins Selling Off Its Coins As ETH Loses Steam: Lookonchain

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New data reveals that a deep-pocketed Ethereum (ETH) investor has woken up from a year of dormancy and is selling off its crypto assets as the top altcoin loses momentum.

According to blockchain data tracker Lookonchain, the crypto whale has woken up from a 12-month slumber and is selling its stash of ETH over decentralized exchange platforms (DEX).

“A whale that has been dormant for one year is dumping ETH on DEX! So far, 18,865 ETH has been sold for four million DAI through four new wallets, the average selling price is $2,229. And currently has 5,588 ETH ($12.5 million) left.”

Source: Lookonchain/X

Ethereum is trading for $2,214 at time of writing, down about 6% from its 2023 high of $2,359.

Lookonchain then brings its attention toward the amount of decentralized oracle provider Chainlink (LINK) deposited into Binance, the top crypto exchange platform by volume. According to the data, noncirculating supply wallets deposited 8.3 million LINK, worth $119 million at time of writing, into Binance.

“The wallets [have] deposited LINK to Binance every three months since Aug 26, 2022.

Interestingly, most of the time, the deposit is at the bottom of the price and the price rises after that.” 

Source: Lookonchain/X

Chainlink is trading for $14.08 at time of writing.

Concluding its analysis with Solana-based (SOL) memecoin Bonk (BONK), Lookonchain says that while one savvy trader lost $46,000 on November 1st, on December 15th, the same entity made a staggering $4.4 million from trading the dog-themed meme asset.

“This trader owns two wallets. In the past year, the trader withdrew 334.5 billion BONK ($218,000) [from crypto exchange] MEXC and bought 32.18 billion BONK ($41,000) from DEX.

And deposited 204.2 billion BONK ($80,000) to MEXC, leaving 172.5 billion BONK (worth $132,000 on Nov 1st). On Nov 1st, he still lost $46,000, but today he made $4.4 million.”

BONK is trading for $0.0000205 at time of writing.

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