Ethereum (ETH) Plunge Triggers Whale Sell-Off Amid Crypto Market Turmoil
Crypto whales have been observed selling significant amounts of Ethereum (ETH), contributing to downward pressure amid a market correction in digital assets. Lookonchain, a blockchain tracking firm, has noted a surge in ETH dumping by these large holders across various platforms and exchanges, indicating a sense of urgency in their actions.
One notable instance involves a whale who swapped 4,591.8 Lido Staked Ether (stETH) directly for 4,589.5 ETH, incurring a loss of 2.3 ETH (equivalent to $6,000) to bypass a lengthy withdrawal process. Subsequently, this individual proceeded to deposit all 5,145 ETH (amounting to $13.3 million) into Binance for selling purposes.
Another whale was identified depositing nearly $50 million worth of ETH on Coinbase, the largest cryptocurrency exchange in the United States. This particular entity initiated a withdrawal of 30,007 Lido Staked Ether (stETH) valued at $78.67 million four days prior, and then claimed 19,000 ETH ($49.17 million), subsequently depositing the same amount on Coinbase for liquidation.
In a separate scenario, two whales were witnessed selling 8,208 ETH valued at $21.59 million to settle debts on the Aave lending platform and prevent liquidation. Additionally, another whale who had initially purchased ETH at prices exceeding $3,000 during March and April ultimately decided to offload their holdings at a loss on Binance.
The latter whale sold 5,088 ETH ($13.58 million) at a loss of $3.66 million, having withdrawn the same amount from Binance at $3,389 between March 28 and April 3. Ethereum, which peaked at $4,115 earlier in the year, has since declined to $2,583 at the time of this report.
It is evident that the actions of these crypto whales are exerting downward pressure on the Ethereum market, reflecting a broader trend of sell-offs among large holders. This trend underscores the volatility and speculative nature of digital asset markets, where significant movements by influential holders can have notable impacts on prices and market sentiment.
