ETH Whales Shake Market as Panic Sale Still Yields $4M Profit
Ethereum experienced a sharp intraday correction, slipping nearly 4% from $4,554 to around $4,260 after briefly touching $4,700 last week. The volatility opened the door for high-stakes trading activity, with one trader managing to turn panic into profit.
According to blockchain analytics firm Lookonchain, an address labelled 0x8062 offloaded 2,277 ETH worth about $9.57 million at $4,203 per token. Despite suffering significant slippage during the rapid sale, the trader still secured a remarkable $4.04 million profit.
Large-scale movements from other whales added further turbulence. A wallet tagged 0x89Da closed a $93.5 million long position at a $6.6 million loss before swiftly re-entering with another leveraged long valued at $65.6 million. Meanwhile, another market participant who began with just $125,000 four months ago built up a position of 66,749 ETH and ultimately walked away with $6.86 million in gains.
The broader market has also been reacting to Ethereum’s recent highs. ETH reached $4,787 on August 13 before entering its current pullback. Technical indicators suggest a cooling period: the Relative Strength Index (RSI) has dropped to 60.81 after entering overbought territory, signalling that bearish momentum could temporarily outweigh bullish sentiment.
Despite the retracement, Ethereum’s overall trend remains positive. At the time of reporting, ETH trades at $4,329 with 24-hour trading volume surging 92% to more than $53 billion. Its market capitalisation now stands at roughly $522 billion, underscoring strong investor participation amid heightened volatility.
