Recent events in the cryptocurrency market have drawn the attention of analysts, as large holders of Ethereum have begun liquidating assets amidst volatility.
Whale Sell-Off of Ethereum
According to data from analytics firm Lookonchain, a major Ethereum whale sold off assets worth $12.11 million. At press time, this whale still holds around $12 million in Ethereum. The price drop of Ethereum to $2,240 may have triggered panic selling among some large holders.
Liquidations in the Cryptocurrency Market
Data provided by CoinGlass indicates that Ethereum saw $300 million in liquidations over the last 24 hours. Ethereum has fallen by 8%, making it one of the worst-performing assets in terms of market capitalization. Long positions accounted for the majority of these liquidations, with the total amount of crypto liquidated across all markets reaching $712 million.
Bitcoin's Growing Dominance
While altcoins continue to show weakness, Bitcoin's dominance is on the rise. Earlier today, Bitcoin's market share reached a new peak, while Ethereum has struggled to regain bullish momentum despite steady inflows recorded by U.S.-based spot exchange-traded funds. That said, ETH/BTC remains above the 0.017 BTC level.
The cryptocurrency market remains unstable, with concerns over further sell-offs and liquidations. Ethereum continues to face challenges while Bitcoin's dominance grows.
