Crypto Whale Makes $7.5M Profit by Exiting XRP and Ethereum

A crypto whale exited XRP and Ethereum, pocketing $7.5M after the market correction. Despite liquidating XRP and Ethereum, the whale still holds a $15.4M Solana position. Positive funding rates and rising open interest show bullish sentiment in the futures market. A major crypto investor has chosen to liquidate positions in XRP and Ethereum and pocket $7.5 million in earnings. This move comes after a wider market correction, suggesting a change in strategy for some of the industry’s biggest players. The decision is a sign of caution on the investor’s part amid market volatility. Whale Maintains Solana Position Even though the whale closed the positions on XRP and Ethereum, he still has a long position in Solana worth $15.4 million, which is down by $560,000. This indicates that, despite scaling back on XRP and Ethereum, the investor remains active in other parts of the market, continuing to trade even amid price fluctuations. According to the analytical platform Coinglass, futures market activity has increased as open interest has hit $6.81 billion. This is a 1.12% increase from the previous 24 hours. The increase in open interest indicates that the traders are still bullish about the market. As of press time, Ethereum is trading at $2,469, showing a 2.15% decline over the past day. However, Ethereum has registered massive weekly gains of 39.75%, with the gains coming in from network upgrades and continued demand for ETH staking. Still, despite the strong momentum, the whale chose to cut Ethereum positioning, likely to secure profits ahead of a potential market correction. As of press time, XRP is trading at $2.52, with the price increasing by 4.32% over the last 24 hours. Over the past week, the cryptocurrency has risen by 20.75%, indicating an increase in investor confidence. The recent price action suggests a potential shift in market sentiment, with XRP showing strong upward momentum. Related: What Will Drive XRP Price to $3.29? Accumulation Strong, Say Analysts On-chain data reveals that XRP’s funding rates remain positive, signaling growing market confidence. Meanwhile, futures market activity has intensified, with open interest climbing to $5.57 billion, up 15.19% in the past 24 hours, suggesting continued bullish sentiment among traders. Despite the broader market correction, many investors are holding their positions, indicating a phase of cautious repositioning as major players adjust portfolios in anticipation of future growth. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company. Source: https://coinedition.com/crypto-whale-sells-xrp-eth-for-7-5m-profit-still-bullish-on-solana/