Ethereum Price Plunges, Sparking a Major Whale Sell-Off

Large crypto holders, commonly known as whales, are pulling out significant amounts of Ethereum (ETH), which has led to a spike in selling preassure.

Over the past 24 hours, Ethereum (ETH) has dropped by nearly 9%, reaching $2,450. This plunge coincides with a broader crypto market correction, which saw Bitcoin dropping to $59,000.

Blockchain analytics firm Lookonchain reports that several whales are offloading ETH across multiple platforms and exchanges, seemingly reacting out of fear.

For example, one whale swapped 4,591.8 staked ETH, accepting a loss of 2.3 ETH (around $6,000) to bypass the lengthy withdrawal process. This whale then sent all 5,145 ETH, valued at $13.3 million, to Binance for selling.

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Lookonchain also identified another whale who moved nearly $50 million worth of ETH to Coinbase, the largest cryptocurrency exchange in the U.S., presumably intending to sell.

Another whale transferred 19,000 ETH (valued at $49.17 million) with the apparent goal of selling them.

Furthermore, two more whales were seen liquidating 8,208 ETH, valued at $21.59 million, to pay off loans on the lending platform Aave, likely to avoid forced liquidation.

Another whale, who had initially purchased ETH at over $3,000 earlier this year, seems to have surrendered, selling its holdings on Binance at a loss. This whale sold 5,088 ETH ($13.58 million), taking a loss of $3.66 million after previously withdrawing the same amount from Binance earlier in the year at $3,389 per ETH.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.