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Two Massive Institutional Investors Sold Big on a Cryptocurrency Today: Decline Followed

By admin On Aug 27, 2024

According to Onchain data, large institutional cryptocurrency investors made some big transactions today.

According to data provided by Lookonchain, Amber Group, a major cryptocurrency investment firm, sent 6,443 ETH worth $17.62 million to cryptocurrency exchanges Binance and Kraken in a transaction today.

On the other hand, another cryptocurrency company, Cumberland, moved 6,439 ETH worth $17.66 million to the cryptocurrency exchange Binance in its latest transaction.

The possible sales made by these institutional investors, who can be defined as whale wallets, will also bring about a drop in the price of ETH. Ethereum lost approximately 3% of its value during the day, falling from around $ 2,770 to $ 2,685.

It should also be noted that this decline is more serious than the general decline in the cryptocurrency market. In addition, ETH’s weekly increase rate also lagged behind Bitcoin. While the BTC price increased by 7.5% in the last week, this rate remained around 3% in ETH.

*This is not investment advice.

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