The Ethereum ($ETH) market is experiencing contrasting whale activity, with some offloading at significant losses while others seize opportunities to accumulate during the downturn.
In a striking move, three wallets—likely controlled by the same whale—sold 10,070 ETH for $33 million in DAI at $3,280 nine hours ago, incurring a $1 million loss. This whale had previously withdrawn 24,029 ETH ($81.3M) from Binance via 10 new wallets three weeks ago and now holds 13,959 ETH ($45.48M).
Earlier today, the whale liquidated all 24,029 ETH for $78 million at an average price of $3,248, resulting in a total loss of $3.27 million. Following this sell-off, ETH prices dropped below $3,000, reflecting bearish sentiment.
Despite the sell pressure, some whales are taking advantage of the declining market. A wallet associated with Longling Capital withdrew 10,000 ETH ($30.76M) from Binance. The whale also borrowed $9 million USDT from Aave, which was subsequently deposited into Binance, signaling potential accumulation or leveraged trading strategies.
Currently, three whales control a staggering 43.14% of Ethereum’s total supply, highlighting their influence on market dynamics.
Ethereum faces critical resistance between $3,360 and $3,450, with support zones ranging from $3,066 to $3,160. These levels will play a pivotal role in determining Ethereum’s short-term price direction.
From January 6 to January 10, Ethereum spot ETFs saw a net outflow of $186 million. While BlackRock’s ETF (ETHA) recorded a net inflow of $124 million, Fidelity’s ETF (FETH) experienced a substantial outflow of $276 million.
As Ethereum navigates these turbulent times, contrasting whale activity and ETF movements reveal a divided market sentiment, leaving traders and investors to carefully monitor key levels and trends.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: winst2014/123RF // Image Effects by Colorcinch
Current statistics from @intotheblock have illustrated a dire situation for $ARB holders, showing that virtually…
The sector of decentralized finance (DeFi) has had an impressive boost, with cumulative DeFi revenue…
FLUID has achieved something never before seen in the world of decentralized finance (DeFi). In…
Once again, the cryptocurrency trading world has displayed its volatility and unpredictability. This was shown…
In a stunning introduction to the blockchain world, Berachain has attracted the attention of DeFi…
The recent surge of the $TST token, a project of the BNB Chain team, has…