$ETH Continues Slide, Whales Prepare for Liquidation
The recent downturn of Ethereum’s prominent cryptocurrency, $ETH, is paving the way for significant developments in the market. According to Lookonchain, a leading on-chain analytics firm, numerous large investors, known as whales, are taking steps to liquidate their holdings of $ETH due to the current high volatility.
As the price of $ETH experiences a sharp decline, several whales are preparing to liquidate their $ETH assets held in platforms like #Aave and #Compound.
Lookonchain disclosed via its official social media account that three such whales have recently executed substantial transactions in response to this market volatility.
Market data highlights that Ethereum has seen a notable drop in price, plummeting by 10.25%. This marks the largest single-day decline since November 9th, 2022. The decrease has also impacted Ethereum’s market capitalization, which now stands at $360.89 billion, reflecting a decline of 17.62%.
The whales’ actions included depositing a total of 28,558 $ETH tokens into #Binance in just two hours, subsequently selling them to cover debts, amounting to approximately $82.8 million.
Over the past 24 hours, Ethereum’s trading range has fluctuated between $2,896.05 and $3,108.66. Additionally, the cryptocurrency has experienced a 12.95% decrease in value over the last week. These factors have contributed to the decisions made by the aforementioned whales to manage their $ETH holdings actively.