Panic Selling of Over 3,300 ETH Sparks Market Concern
According to on-chain analyst Ai Auntie (@ai_9684xtpa), a long-term ETH holder recently sold 3,313 ETH, signaling clear panic amid shifting market conditions.
The wallet had accumulated a total of 6,569.27 ETH between September 2023 and February 2024 at an average price of $1,792.1, amounting to roughly $11.77 million. Notably, its unrealized gains reached over $19.96 million last August, yet no selling occurred at that time.
Profit Shrinks as Position Dwindles
As of now, the remaining ETH balance is about half of the initial holdings, with profits shrinking to just $338,000. The remaining position sits close to its cost basis, suggesting potential for further selling pressure.
- Sale Timing: Recent activity
- Amount Sold: 3,313 ETH
- Remaining Balance: ~3,284 ETH
- Current Profit: $338,000
Analysts suggest this move could reflect a broader shift in market sentiment, with increasing caution around near-term ETH price movements.