Ether whale dumps $41M days before the market crashed

A crypto whale holding monolithic amounts of Ether (ETH) sold $41 cardinal worthy of the plus a fewer days earlier the marketplace crashed, avoiding a imaginable $5 cardinal loss. 

The commercialized was flagged by the blockchain investigation level Lookonchain which follows and shares what they see to beryllium astute trades. On Aug. 18, the crypto whale deposited 22,341 ETH to the Binance speech and withdrew astir $41 cardinal successful Tether (USDT).

List of transactions that the crypto whale made earlier the crash. Source: Etherscan

While the crypto whale mislaid astir $1.7 cardinal successful value, the trader managed to debar further imaginable losses that could person gone up to much than $5 cardinal erstwhile the marketplace prices dropped. On Aug 18, crypto's marketplace capitalization dropped by 6% to $1.1 trillion, which is the lowest level seen successful astatine slightest 2 months. 

Ether, the second-largest crypto by marketplace capitalization, dropped from astir $1,820 per token connected Aug. 17 to astir $1,597 the adjacent day. Meanwhile, Bitcoin (BTC) which comprises astir 50% of the full crypto market, dropped from astir $28,400 to $25,649 successful the aforesaid clip framework earlier making a betterment to supra $26,000 successful a fewer hours.

Related: Mantle pauses token migration to halt FTX from converting $43M successful BIT tokens to MNT

The terms driblet followed a study by mainstream media outlet The Wall Street Journal highlighting that Elon Musk’s aerospace exertion steadfast SpaceX wrote down $373 cardinal worthy of BTC from 2021 to 2022. It inactive remains unclear whether the full holdings were sold oregon not.

Meanwhile, the company's Bitcoin write-down sparked disorder among crypto community members. Some media outlets reported that the steadfast sold the full stash portion others expressed that they were incapable to corroborate the magnitude sold based connected the report's wordings. Some users connected X (formerly Twitter) called retired Musk connected the platform, saying that helium had "paper hands," which is simply a word utilized to picture those who are incapable to clasp onto their crypto long-term.

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