Ethereum Whale Sells $7M Worth of Ether on Centralized Exchange
An Ethereum whale identified by on-chain analytics firm Lookonchain has moved $7 million worth of ETH to a centralized exchange, sparking concerns about potential sell-off. The wallet, labeled 0xF626, received 102,913 ETH in the past 11 hours and deposited 2,858 ETH into an exchange within the last 30 minutes.
The whale still holds approximately $241.6 million worth of ETH, leaving a substantial amount that could potentially be moved in the future. The action marks the first visible step in what could be a larger distribution, which may lead to short-term price volatility.
Traders and analysts often monitor such wallet activities to gauge potential selling pressure. However, it's essential to note that not all exchange deposits lead to immediate sells; funds can also be moved for other purposes like staking or DeFi participation.