The sharp decline in the cryptocurrency market has accelerated the actions of large investors, or whales. On-chain data reveals millions of dollars in position changes in the last 24 hours.
Solana Ecosystem Sees Notable Whale Activity
A notable trade occurred on Solana during the hours when selling pressure intensified in the market. A large whale with the short address DYzF92 exited the market after selling 33,366 SOL, which he had purchased seven months earlier, for approximately $4.71 million. The investor acquired 32,083 SOL for $4.94 million and earned 1,283 SOL ($181,000) from staking during that time. Despite this, he closed his position with a total loss of approximately $230,000.
Another whale transaction within the Solana ecosystem involved Zcash (ZEC). A ZEC whale spent $30,000 today to purchase 3.22 million GHOST. The whale currently holds 944 ZEC ($650,000) and has made over $334,000 in profit from ZEC trading to date.
Ethereum Whales Withdraw Large Sums from Exchanges
On the Ethereum side, large outflows are noteworthy. A whale withdrew 2,450 ETH ($7.91 million) from Binance in the last hour. The same investor had also collected 2,560 ETH ($7.96 million) and withdrawn it from the exchange two days earlier.
One of the most notable moves came from an investor known as the “66,000 ETH debt whale.” The whale significantly narrowed his position by withdrawing 199,720 ETH ($632.47 million) from Aave V3. He then sent 44,000 ETH ($140.24 million) to Binance. These moves are interpreted as the investor beginning to close his long ETH position.