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A massive crypto whale sparked panic with a multi-million dollar Ethereum (ETH) transfer.

According to data provided by on-chain analysis platform Lookonchain, the crypto whale attracted attention with its Ethereum transactions over the past 2 days.

The data revealed that the whale first sent 9,000 Ethereum worth 29 million dollars to the cryptocurrency exchange Binance on March 19th, and shortly after that, it withdrew 30 million USDT, indicating that it sold its Ethereum assets.

One day after the initial sale, the whale made a similar transaction again on March 20th, depositing 12,000 Ethereum worth 39.7 million dollars to Binance. It is believed that this whale has also deposited these Ethereum assets for sale, just like the first time.

In addition, Lookonchain noted that this whale, which has been trading Ethereum since 2017, is affiliated with the investment firm Youbi Capital.

Ethereum has recently entered a turbulent period due to pressure from the U.S. Securities and Exchange Commission (SEC), which has not only negatively impacted its price but also caused concern among investors.

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