Ethereum (ETH) is experiencing major price fluctuations due to whale sell-offs, purchases, and Bitfinex liquidations nearing $400 million.
Whale Sell-Off Triggers ETH Crash
Ethereum (ETH) became one of the biggest losers this trading week, dipping below $2,500 following intense selling. Whale sell-offs and Bitfinex liquidations drove the market to lows near $2,400. Market pressure was exacerbated by dormant wallets liquidating nearly $400 million worth of ETH.
Whales Buy ETH at Market Lows
Not merely on a selling spree, whales returned to purchasing near lows, sparking hope for a market rebound. Known wallets like '7 Siblings' and 1inch Investments made significant purchases, aiding in market stabilization.
Reminder of August 2024 Market Crash
The recent Ethereum market capitulation bears semblance to August 2024's events, where instability triggered significant DeFi losses and tested cryptocurrency exchanges' resilience.
Ethereum is under significant whale pressure, but recovering buyer activity may aid in market stabilization.
