Price: $0.40528 5.2179%
Market Cap: 59.53B 1.8045%
Volume (24h): 8.91B 0.4%
Dominance: 1.8045%
Price: $0.40528 5.2179%
Market Cap: 59.53B 1.8045%
Volume (24h): 8.91B 0.4%
Dominance: 1.8045% 1.8045%
  • Price: $0.40528 5.2179%
  • Market Cap: 59.53B 1.8045%
  • Volume (24h): 8.91B 0.4%
  • Dominance: 1.8045% 1.8045%
  • Price: $0.40528 5.2179%
Home > Information news > Crypto Whale Actions Cause Anxiety

Crypto Whale Actions Cause Anxiety

Release: 2024/07/05 04:04 Reading: 697

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/6686f4ad539d4b73a39e2aa4

Crypto Whale Actions Cause Anxiety

Crypto Whale's Actions Spark Market Uncertainty

The cryptocurrency market has been roiled by recent actions of a crypto whale. This whale moved 12,374 ETH to Compound and borrowed $31.4 million in stablecoins. This transaction has raised concerns that Ethereum's price could plummet to $2,984, potentially triggering the liquidation of the whale's long positions. Ethereum has already declined from $3,500 to $3,124 over the past four days, fueling fears of further depreciation.

Impact of Declining Ethereum and Bitcoin

During market downturns, some whales seek to exploit the situation. One notable whale recently purchased over $30 million worth of ETH on Binance, with total transactions attributed to this whale exceeding $120 million.

In addition to Ethereum, this whale's portfolio includes high-volume coins (BNB, MATIC, LINK, AVAX) and popular meme coins (Shiba Inu, Dogecoin, Pepe Coin, Floki).

Causes of Bitcoin and Ethereum Decline

Ethereum's decline appears to be tied to Bitcoin's downward trend. Large investors and miners are reportedly behind Bitcoin's depreciation. Market analyst Charles Edwards has noted that long-term Bitcoin holders are actively selling their assets.

According to data from Glassnode, a negative flow of 374,000 Bitcoin (approximately $24 billion) has been observed moving towards exchanges.

Investor Considerations

Investors should take note of the following:

  • Monitor the $2,984 level as a crucial point for potential Ethereum liquidation.
  • Closely observe whale activities, as they can influence market movements.
  • Track Bitcoin's price action, as it often impacts Ethereum's value.

The potential liquidation of the Ethereum whale, with its significant financial implications, could amplify market fears. A drop to $2,984 could trigger deeper declines and further liquidations.

Despite recent losses, Ethereum has found support at the $3,200 level after a 5% decline today. Its market capitalization has fallen to $376 billion, while trading volumes have reached $20.7 billion.

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