New data shows deep-pocketed Ethereum (ETH) investors are waking up from a year of dormancy and selling off their crypto assets as the top altcoin loses momentum.
According to blockchain data tracking company Lookonchain, the cryptocurrency whale is waking up from a 12-month slumber. sale ETH is hidden through a decentralized exchange platform (DEX).
“Whales that have been dormant for a year are dumping ETH on DEX! So far, 18,865 ETH has been sold for 4 million DAI across 4 new wallets, with an average selling price of $2,229. And there are currently 5,588 ETH ($12.5 million) remaining.”
Ethereum is trading at $2,214 at the time of this writing, down about 6% from its 2023 high of $2,359.
Lookonchain then notes the amount of decentralized oracle provider Chainlink (LINK) deposited on Binance, the leading cryptocurrency exchange platform by trading volume. According to data, uncirculated supply wallets deposit 8.3 million LINK (worth $119 million at the time of writing) went into Binance.
“The wallet deposited LINK to Binance every three months starting August 26, 2022.
Interestingly, most of the time the deposit is at the bottom of the price and then the price rises.”
Chainlink is trading at $14.08 at the time of this writing.
We conclude the analysis with Solana-based (SOL) memecoins Bonk (BONK) and Lookonchain. Called One seasoned trader lost $46,000 on November 1, but on December 15, the same firm made a whopping $4.4 million trading dog-themed meme assets.
“This merchant owns two wallets. Last year, traders (on cryptocurrency exchanges) withdrew 334.5 billion BONK ($218,000) from MEXC and purchased 32.18 billion BONK ($41,000) from DEXs.
And 204.2 billion BONK ($80,000) was deposited in MEXC, leaving 172.5 billion BONK (equivalent to $132,000 as of November 1). “On November 1st he also lost $46,000, but today he made $4.4 million.”
BONK is trading at $0.0000205 at the time of this writing.
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