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In the last week, CoinMarketCap<\/a> reports that Ethereum (ETH) has lost 10.31% of its value marking a highly negative performance for the prominent altcoin.\u00a0<\/span>However, most of this price loss was driven by a general market crash on Thursday, which saw about $1 billion<\/a> wiped out from the total crypto market cap.\u00a0<\/span><\/p>\n
According to a social media post<\/a> on Friday by Lookonchain, a certain crypto whale sold 22,341 ETH, valued at roughly $41 million, just prior to the crypto market downturn this week.\u00a0<\/span>Lauding this liquidation move, the analytics team describes the investor to be \u201cvery smart.\u201d <\/span><\/p>\n
\nThe whale was very smart and dumped 22,341 $ETH<\/a> ($41M) before the market crashed.<\/p>\n
Even though he lost ~$1.7M this time, he successfully avoided the market crash.<\/p>\n
Perhaps he will buy $ETH<\/a> back at a cheaper price in the future.<\/p>\n
Follow this smart whale.👇https:\/\/t.co\/S4Wv8XRlhW<\/a> pic.twitter.com\/BcdzdpmbIA<\/a><\/p>\n
\u2014 Lookonchain (@lookonchain) August 18, 2023<\/a><\/p>\n<\/blockquote>\n
As earlier stated, the crypto market suffered a widespread loss on Thursday, with most assets experiencing significant price dips.\u00a0<\/span>Based on multiple reports, this market downtrend was triggered<\/a> by news of aerospace company SpaceX liquidating all its Bitcoin (BTC) holdings valued at $373 million.\u00a0<\/span><\/p>\n
ETH Could Receive Market Boost Soon<\/strong><\/h2>\n
In other news, the ETH market could record massive profits in the coming months based on news regarding the Ether-futures ETFs race<\/a> in the US.\u00a0<\/span><\/p>\n
On Friday, Bloomberg reported<\/a> that the United States Securities and Exchange Commission is ready to approve the first Ether-future ETF in the US, marking a major win for the crypto space.\u00a0<\/span><\/p>\n
Over the last few weeks, several asset managers have filed applications with the financial regulator to offer Ether-futures ETFs to investors in the US. These firms include Bitwise<\/a>, ProShares, Grayscale, VanEck, Valkryie<\/a>, etc.<\/span><\/p>\n
ETH trading at $1,661.4 on the daily chart | Source: ETHUSD chart on Tradingview.com<\/a><\/pre>\nFeatured image from SciTechDaily, chart from Tradingview.<\/p>\n<\/div>\n