Whales wake up and do damage amid the latest crypto crash

By LeftFooted | bitcoinea | 29 Jun 2022


Things are messed up and messy in the crypto space at the minute, and whales are doing what they always do: damage. But for once, it isn't unilateral.


For the first time since, well pretty much ever, whales are beginning to show signs that they might be considering offloading some of their holdings as over 50,000 bitcoins have been transferred to various exchange platforms from cold and hot wallets.


On top of that, you've got giant investment firms like Cypherpunk Holdings that are trying to paper their losses by selling stuff.


The company has sold around 205 ETH for $227,000 and 214 BTC $4.7 million.


I'm assuming that they did it because they bought these ETH and these BTC back when they were worth like 2 cents. In fact, they did say that they turned a profit from the sales. But it still doesn't make much sense.


Actually, it does. Which makes it worse. I never sold my BTC or my ETH when they were worth $69k and $4.8k respectively so I would only sell now if I absolutely had to. Which fortunately I don't but it seems that some of these giants do.


I bought some ETH yesterday. I bought some BTC this morning. I may be a beer tomorrow.


Cheers.


I've crossposted this article on Bitcoinea and LeoFinance.

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LeftFooted
LeftFooted

I’m a left-footed duck that loves writing. I write about cars, watches, craft beer and, you’ve guessed it, crypto Also active on read.cash


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