A big ETH holder has again impacted the crypto market, as data from LookOnChain showed the “Longling Capital” wallet has made a big move when prices
A wallet linked to quantitative hedge fund Longling Capital withdrew 10,000 ETH ($30.76 million at press time) from Binance on Monday, as part of a larger crypto market downturn.
The wallet withdrew the funds from Binance, then borrowed 9 million USDT from Aave and finally deposited the funds back into Binance.
This activity comes as part of a larger trend, with several large crypto whales making significant withdrawals from exchanges amid the market downturn.
According to crypto analytics firm Lookonchain, several large crypto whales sold 24,029 ETH (around $78 million) at an average price of $3258 on Monday.
The selling incurred a total realized loss of $3.27 million, indicating that the market was not as stable as expected.
In a separate statement, Lookonchain also noted that three wallets, likely belonging to the same whale, sold 10,070 ETH at $3,280, incurring a loss of $1 million.
The wallets were identified as "0x888...888" (4,900 ETH), "0x999...999" (2,670 ETH), and "0xaaa...aaa" (2,500 ETH).
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