$ETH Price Decline Triggers Significant Actions by Whales
The recent decline in the widely recognized cryptocurrency token $ETH has set the stage for a series of noteworthy developments. According to Lookonchain, a prominent analytics firm specializing in blockchain data, numerous large-scale investors, known as whales, are preparing to liquidate their holdings of $ETH due to the ongoing market volatility.
As the price of $ETH continues to drop, several whales are facing the necessity of liquidating their $ETH assets held in platforms such as #Aave and #Compound.
Lookonchain took to its official platform to share exclusive insights into these developments. The analytics company highlighted that multiple whales are poised to undertake significant liquidation actions on popular cryptocurrency exchanges, including Compound and Aave. They specifically disclosed that three such whales have already initiated substantial steps in this direction.
Market data underscores that Ethereum has witnessed a sharp decline in its value, amounting to a 10.25% drop. This decrease marks the largest single-day decline since November 9, 2022, significantly impacting Ethereum’s market capitalization. Presently, the token’s market cap stands at $360.89 billion, reflecting a notable decrease of 17.62%.
In a notable move, these whales recently deposited a staggering 28,558 $ETH tokens to Binance within a mere two-hour period. Subsequently, they sold these tokens, amounting to a total of $82.2 million, in order to repay outstanding debts.
Over the past 24 hours, Ethereum’s price fluctuated between $2,896.05 and $3,108.66. Additionally, over the past week, Ethereum experienced a notable 12.95% decrease in value, further compounding the challenges faced by investors.
These actions by major investors underscore the current volatility in the cryptocurrency markets, signaling potentially significant shifts in $ETH’s valuation and investor strategies moving forward.
