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.

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.