Ethereum Price Plunges 9%, Triggers Massive Whale Sell-Off Across Exchanges

Ethereum (ETH) plummeted nearly 9% to $2,450 within 24 hours, sparking a significant sell-off among crypto whales. Major transactions to exchanges like Binance and Coinbase signal growing concern amid a broader market correction.

Ethereum (ETH) has experienced a sharp decline, falling nearly 9% in the last 24 hours to $2,450, coinciding with a broader market correction that also saw Bitcoin drop to $59,000. This significant drop has triggered a wave of sell-offs by large holders, commonly referred to as “whales,” who are offloading substantial amounts of ETH across various platforms and exchanges.

Blockchain analytics firm Lookonchain reported that several whales have been actively selling their ETH holdings, seemingly driven by market fear and the need to mitigate losses. For instance, one whale exchanged 4,591.8 staked ETH, choosing to accept a loss of 2.3 ETH (approximately $6,000) in order to bypass the typically lengthy withdrawal process. This whale then proceeded to send all 5,145 ETH, valued at $13.3 million, to Binance for selling.

In another significant transaction, a whale transferred nearly $50 million worth of ETH to Coinbase, the largest cryptocurrency exchange in the U.S., presumably with the intention of selling. Similarly, another whale moved 19,000 ETH, valued at $49.17 million, apparently to sell them as well.

Further highlighting the trend, two additional whales liquidated 8,208 ETH, worth $21.59 million, to pay off loans on the lending platform Aave, likely in an effort to avoid forced liquidation. The pressure to sell is evident as another whale, who had initially bought ETH at over $3,000 earlier this year, surrendered by selling 5,088 ETH on Binance at a significant loss. This whale took a hit of $3.66 million, having withdrawn the same amount from Binance earlier in the year at $3,389 per ETH.

These massive sell-offs are contributing to the downward pressure on Ethereum’s price, as more whales liquidate their positions amidst a volatile market environment. The broader implications for the market remain uncertain, but the actions of these large holders suggest a cautious outlook for Ethereum’s short-term prospects.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)