A whale tracked by Lookonchain has sold its entire 167,855 ETH holding, worth $408 million, in five days, even as Ethereum pushed back above $2,500. The token's market cap has climbed past $300 billion. Its dominance has topped 11%.
Ethereum is surging by over 4% daily to $2,150. It tapped $2,530 earlier today before the move was stopped.
Lookonchain has repeatedly flagged a major wallet steadily disposing of its ETH. The selling spree began at the start of the month, when the entity received $408 million worth of the token before transferring $174 million to exchanges.
The deposits continued in the following days, with another transfer of $253 million moved to multiple trading platforms. According to Lookonchain: "This mysterious #Ethereum whale has sold off all 167,855 $ETH($408M) in the past 5 days", closing out the position entirely.
Despite the substantial sell-off, Ethereum rebounded swiftly from its dip below $2,400. It now sits above $2,500 with a market cap of $305 billion. Its market dominance has also risen past 11% on CoinMarketCap.
The whale has closed out its position entirely, even as the broader market kept climbing.
Source: CryptoPotato
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