Quick Takeaways
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Investors withdrew 230,000 ETH from exchanges in just 48 hours, indicating potential bullish sentiment as selling pressure decreases.
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Ethereum’s price crashed to a multi-month low of $3,500, then slightly recovered to $3,850, with investor behaviors split between mass selling and buying the dip.
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Notable hackers dumped over $20 million worth of ETH, resulting in a $3.7 million loss, while larger investors, or whales, continued to accumulate, with one withdrawing $126 million in ETH.
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Despite the crash, Tom Lee’s Bitmine saw a nearly $2 billion paper loss, reflecting the broader market’s volatility and impact on major positions.
Hackers Sell, Whales Buy as ETH Plunges to $3.5K
Ethereum’s price fell dramatically to $3,500, marking a multi-month low. However, it has since shown some recovery, now trading around $3,850. This downturn caused various investor reactions, from frantic selling to strategic buying.
Recent data from Lookonchain revealed a troubling trend. Two wallets allegedly tied to hackers sold over $20 million in ETH, purchased just a week prior with illegal gains. This resulted in a significant loss, totaling $3.7 million. Despite this, larger investors, often referred to as “whales,” appeared undeterred by the market uncertainties.
In fact, whales and institutions have been actively buying ETH during this downturn. A wallet linked to Bitmine withdrew an impressive $126 million in ETH, while another whale purchased 14,165 ETH worth about $55.5 million. Such activity signals confidence in the long-term value of Ethereum, even amid market turmoil.
Additionally, many investors have opted to withdraw their ETH from centralized exchanges. According to crypto analyst Ali Martinez, 230,000 ETH left these platforms in just 48 hours. Given current prices, this withdrawal represents almost $900 million. Typically, such actions indicate a bullish sentiment, as it lessens selling pressure.
Despite the short-term challenges, Ethereum maintains a unique position in the cryptocurrency landscape. Its smart contract capabilities and robust developer community continue to draw interest from long-term investors. This ongoing support suggests that Ethereum may still have a bright future, despite current fluctuations.
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