A large wallet withdrew and has the potential to sell 4,720 ETH (~$21.08 million) 8 hours ago, a move that raises concerns about short-term supply pressure. If the transaction is completed, the estimated profit would reach $9.514 million.
This wallet previously withdrew ETH from the exchange on July 1 at an average price of $2,452/ETH, now recording a yield of ~82.2% over 2 months. Additionally, the wallet also earned about $2.34 million from previous UNI transactions, indicating a profit-taking strategy based on market waves.
A strong selling move could create price adjustment pressure on ETH, but the level of impact will depend on the selling speed and market liquidity at the time of the transaction.
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