Ethereum (ETH) experienced a sharp decline of over 20% in the past day, triggering widespread panic among investors.
Bitcoin (BTC) and XRP also saw significant drops of 12% and 14%, respectively, reflecting a broader market downturn.
The sell-off was partly driven by Jump Trading moving a large amount of staked ETH to centralized exchanges, alongside global market volatility.
According to Spot on Chain, Jump Trading transferred 17,576 ETH, worth around $46.78 million, in the past 24 hours. Since late July, they have moved roughly 90,000 ETH to exchanges and still hold significant amounts in staked and wrapped forms.
ETH’s price has fallen by 31% over the last week and 39% over the past two months, now trading at about $2,322. Trading volume surged by 234% to $53.6 billion as the price approached $2,100, with gas fees spiking.
Around $350 million in long positions were liquidated in the past day, showing a sudden shift in trader sentiment. Ethereum’s total value locked (TVL) dropped by 17.7% in one day to $43.66 billion, with Lido’s TVL alone decreasing by 20% overnight to $22.85 billion.
A prominent cryptocurrency analyst believes that the Ethereum-Bitcoin (ETH/BTC) trading pair is nearing a cycle bottom.
Tether’s USDT, the largest stablecoin, continues to strengthen its market position, with its market capitalization nearing $120 billion for the first time.
A cryptocurrency investor earned $131.72 million by buying Ether during the 2022 market downturn and holding onto it through two years of market uncertainty.
Ripple Chairman Chris Larsen has recently moved 20 million XRP as part of a larger shuffle involving 50 million tokens.