Ethereum ($ETH) has finally reached the $4,000 mark, a milestone the market has eagerly anticipated.
However, this bullish movement has also triggered significant sell-offs, with whales beginning to offload their holdings. In the past 24 hours alone, approximately $13.86 million worth of ENA, MKR, and ONDO tokens have been deposited into major exchanges, signaling potential sell pressure.
Key Whale Movements:
1. Arthur Hayes’ Linked Address: An address associated with Arthur Hayes deposited 2.65 million ENA tokens into Bybit just four hours ago. At the time of the transfer, these tokens were valued at $3.13 million.
2. Large MKR Deposit: Another notable transaction came from address 0x97d…02cF2, which moved 2,561 MKR—worth approximately $5.02 million—into Binance. This position was opened six months ago, and if sold at current prices, it would result in a loss of $1.305 million.
3. ONDO Profit Play: Meanwhile, address 0x9b8…14E1e deposited 2.8 million ONDO into Gate.io just four days after opening the position. The tokens, valued at $5.71 million, would yield a $500,000 profit if sold now.
终于又看到 4000 美金的 $ETH 了，不过山寨巨鲸们也开始出货了 —— 过去 24 小时有价值 1,386 万美金的 $ENA / $MKR / $ONDO 充值进交易所 🥹
1️⃣ Arthur Hayes 关联地址四小时前将 265 万枚 ENA 充值进了 #Bybit，价值 313 万美金https://t.co/kRsnT85wvG
2️⃣ 地址 0x97d…02cF2 将六个月前建仓的… pic.twitter.com/21auYO162B
— Ai 姨 (@ai_9684xtpa) December 17, 2024
Market Outlook
While Ethereum’s return to $4,000 reflects growing market strength, whale activity suggests that some large holders are using the opportunity to realize gains or cut losses. The simultaneous deposits of ENA, MKR, and ONDO into exchanges underscore potential sell pressure, which could influence price trends in the short term. Traders will be watching these movements closely, as they often signal broader shifts in market sentiment.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.