A big crypto whale has recently made a crucial decision regarding their $PAXG holdings. In this respect, the whale, going by “samurai.eth,” has dumped more than $3M in $PAXG amid the growing on-chain activity. As per the data from Onchain Lens, the transactions took into account $PAXG, $USDT, and $ETH. The respective development is reportedly a part of the multi-week liquidation spree.
Whale ‘samurai.eth’ Continues Cross-Protocol $PAXG Liquidation with $3M Dump
The on-chain data discloses that the whale “samurai.eth” sold up to 601 $PAXG. In return, the whale has obtained 2.28 $ETH and 3M $USDT. This move reportedly underscores the continuation of multi-week liquidation. Specifically, over the past 3 weeks, the whale address, “0xde6…53361.” offloaded up to 2,503 $PAXG, getting $12.89M in return, with $5,150 as an average sale price.
The whale started with the withdrawal of 500 $WSETH from the awstETH pool of Aave ahead of burning the $AETHWSTETH tokens. Just after that, the address repaid up to 502 $ETH tokens to the Lending Gateway of Aave, indicating a decrease in the overall leveraged exposure. Subsequently, the whale interacted with the liquidity Proxy of Fluid, obtaining 500 $ETH with a value of almost $979,810. Additionally, some smaller swaps, including 1.64K $USDT and 0.938 $PAXG, also took place afterwards.
Apart from that, further activity took into account a Settle transfer routed via CoW Protocol, with the exchange of 0.938 $PAXG for 2.28 $ETH. Additionally, the whale also performed a Multicall via Morpho Blue, getting 2,000 $USDT tokens ahead of shiting 2M $USDT to the EthereumGeneralAdapter of Morpho. Such movements signify the whale’s aggressive position rebalancing activity.
$PAXG Settlements Increase Pressure on Gold-Backed Digital Token Markets
According to Onchain Lens, before the conclusive $PAXG selling wave, the whale utilized CoW Protocol to settle 333,770 $USDT at a value of $332,510 in exchange for nearly 66.72 $PAXG. Another settlement involved the swap of 488,820 $USDT for 97.72 $PAXG, furthering the trend of gold-backed asset liquidation. Overall, regardless of the potential motive behind this move, the whale is still among the top active addresses engaged in continuous selling within the Ethereum ecosystem.
Source: https://blockchainreporter.net/crypto-whale-unloads-millions-in-gold-backed-paxg/
