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LonglingCapital-Linked Wallet Sells 7,000 ETH Amid Market Decline

Onchain Lens reports multiple large Ethereum sales on August 19, with over 16,000 ETH moved in total while the wallet retains significant holdings valued in the tens of millions.

ETH

Fact Check
The statement is overwhelmingly supported by the provided evidence. Ten of the eleven sources explicitly state that a wallet linked to Longling Capital sold 7,000 ETH during a market decline. These reports from various news outlets are consistent in key details, such as the amount of ETH, its approximate dollar value (~$31.82M), and the specific wallet address (0x3478). The high degree of corroboration among multiple sources confirms the event.
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Summary

On August 19, blockchain monitoring service Onchain Lens reported that a whale address linked to Longling Capital sold 5,000 ETH to Binance, valued at about $21.73 million, and another 3,075 ETH at $4,310 each, totaling roughly $13.25 million. Over three days, more than 16,000 ETH worth over $66 million have been moved from the wallet. Despite the substantial sales, it still holds approximately 89,798 ETH valued at about $390.42 million.

Terms & Concepts
  • ETH (Ethereum): The native cryptocurrency of the Ethereum blockchain, used for transactions, smart contracts, and decentralized applications.
  • Wallet Address: A unique identifier on a blockchain used to store, send, and receive cryptocurrency, often associated with a specific user or entity.