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Scale of ETH Sell-off Amid Cryptocurrency Market Decline

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by Giorgi Kostiuk

2 years ago

  1. Sharp Decline in Cryptocurrency Prices
  2. ETH Sale by Metalpha
  3. Large Purchase by a Smart Whale


    4. Over the past weekend, the cryptocurrency market experienced a significant decline. Bitcoin fell to $52,500, while Ethereum dropped to $2,150.

    Sharp Decline in Cryptocurrency Prices

    Bitcoin and altcoins experienced a major drop over the weekend. The price of Bitcoin fell to $52,500, and Ethereum dropped to $2,150. This caused panic in the market, and many investors started selling their assets wildly.

    ETH Sale by Metalpha

    Metalpha, one of the leading cryptocurrency investment companies, also made a massive ETH sale. According to Lookonchain, Metalpha moved $23 million worth of ETH to Binance. An address associated with Hong Kong-based asset manager Metalpha deposited 10,000 ETH to Binance. In total, this address transferred 23,589 ETH worth $54.1 million to Binance over the last three days.

    Large Purchase by a Smart Whale

    While Metalpha continues to sell ETH, a smart whale bought 5,000 ETH worth $11.46 million in the last two days. This whale had previously bought 5,200 ETH at an average price of $1,322 in November 2022, and later sold it at an average price of $2,093 in January, December 2023, and January 2024, earning more than $4 million.

    A smart whale bought 5,000 ETH ($11.46M) at the bottom again in the past 2 days!Lookonchain

    Ethereum is trading at $2,311 at the time of writing. The cryptocurrency market remains volatile, and major players continue to have a significant impact on its movement.

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