Ethereum ($ETH) has seen a dramatic drop, falling below the $3,000 mark as the cryptocurrency market experiences increasing volatility. In a significant move, a major whale has sold all of its 24,029 ETH, valued at $78 million, at an average price of $3,248. This sale resulted in a loss of approximately $3.27 million, highlighting the growing pressure in the market and the increasing reluctance of large holders to maintain their positions amid declining prices.
According to Lookonchain,Over the past few hours, a whale, likely using multiple wallets, has been actively unloading a substantial amount of Ethereum. The whale recently sold 10,070 ETH for 33 million DAI, at an average price of $3,280, incurring a $1 million loss. This selloff is part of a broader strategy by the whale to exit the market at a loss, signaling potential bearish sentiment regarding the short-term future of Ethereum’s price.
This large-scale liquidation comes after the whale withdrew a significant amount of Ethereum—24,029 ETH, worth approximately $81.3 million—three weeks ago from Binance, moving the assets across 10 different wallets. Currently, the whale holds 13,959 ETH, valued at around $45.48 million. These transactions suggest that the whale has been adjusting its portfolio, possibly in response to Ethereum’s declining market value and broader trends within the cryptocurrency sector.
Ethereum’s Struggles and Whale Impact on Market Sentiment
Ethereum’s recent struggles can be attributed to a combination of market dynamics and broader economic factors affecting digital assets. The price of ETH has fallen sharply, dipping below $3,000, marking a 9.7% decline in recent hours. This decrease is part of a larger trend of volatility affecting the entire cryptocurrency market, where many major assets, including Bitcoin and Solana, have also seen substantial losses.
The broader market’s decline is likely tied to multiple factors, including regulatory concerns, changing investor sentiment, and shifts in liquidity preferences. The ongoing market turbulence has caused a selloff by large holders, or whales, who are adjusting their portfolios and minimizing risk as the future of the market remains uncertain.
The behavior of the whale, who has sold off Ethereum at a loss, is indicative of the broader market sentiment. When whales, who often have significant influence over price movements, begin to liquidate assets at a loss, it can signal potential bearish market conditions. This move by the whale may suggest a lack of confidence in Ethereum’s short-term price recovery, contributing to the overall bearish sentiment in the cryptocurrency space.
The presence of multiple wallets involved in these transactions suggests that the whale may be strategically diversifying its holdings or seeking to minimize the potential impact of a large liquidation. Regardless, the sale of such a large volume of ETH at a loss has sent ripples through the market, contributing to the continued downward pressure on Ethereum’s price.
Ethereum’s recent drop below $3,000 and the significant selloff by a major whale reflect ongoing challenges for the cryptocurrency. As Ethereum continues to face price pressures, the actions of large holders like this whale may further impact market sentiment. With Ethereum’s price showing no immediate signs of recovery, traders and investors will be watching closely to see if the asset can regain its footing or if further downward pressure is inevitable in the coming weeks.
