Ethereum Whales Sell Off Massive Amounts of ETH and Wrapped Bitcoin As Crypto Markets Weaken: On-Chain Data

A handful of whales dumped millions of dollars of Wrapped Bitcoin (WBTC) and Ethereum (ETH) after the crypto market slumped earlier this week.

One whale dumped 150 Wrapped Bitcoin worth $4.36 million at a price of $29,053 per WBTC, according to the blockchain tracker Lookonchain.

Lookonchain also notes that another whale sold off 3,967 Ethereum worth $7.32 million for $1,846 per ETH. A third whale dumped 7,115 ETH worth $13.12 million for $1,844.

WBTC is an ERC20 token and is backed 1:1 with Bitcoin (BTC). The asset is designed to give people the power of Bitcoin with the features of an ERC20 token, allowing users to create smart contracts for Bitcoin and enabling traders to move Bitcoin between exchanges much faster.

Both assets suffered price dips on Monday. ETH went from trading at a high of $1,904 on Sunday to a low of $1,842. The second-ranked crypto asset by market cap is trading for $1,864 at time of writing.

WBTC dropped from a high of $30,202 on Sunday to a low of $29,031 on Monday. The 16th-ranked crypto asset by market cap is trading at $29,278 at time of writing.

Another whale deposited 467,825 of Uniswap (UNI) to Binance on Monday, according to Lookonchain. With a selling price of $5.77, the total sale was worth $2.7 million.

Not all whales are selling, however. Lookonchain also notes that a different whale spent $5.17 million worth of the stablecoin USD Coin (USDC) on Monday to buy 2,802 Lido Staked Ether (stETH).

The same whale also exchanged 10 million USDC for 5,421 ETH on Monday, then exchanged all that Ethereum for stETH.

Generated Image: Midjourney