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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Whales Accumulate Over $1 Billion Worth Of Ethereum Amid High Sell-off

Sarah
Sarah
2 years ago
2 mins read
Ethereum Whales Accumulate Over $1 Billion Worth OF ETH Amid High Sell-off

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The crypto market often runs on a cycle of highs and lows. Conscious investors leverage the lows to enrich their wallets with assets awaiting the bull run. This quarter’s bearish trend is no exception.

The past few weeks in the crypto market have been filled with massive losses following the FTX collapse. The extreme macroeconomic conditions following the Fed’s interest rate hike are not helping matters.

Related Reading

Ethereum Whales Accumulate Over $1 Billion Worth OF ETH Amid High Sell-off

Ethereum Whales Accumulate Over $1 Billion Worth Of Ethereum Amid High Sell-off

2 years ago

Ethereum, the second-largest cryptocurrency, suffered multiple setbacks in the last weeks following the market decline. Ethereum slumped below $1,600 to $1,081, losing nearly 24% over the weekend.

Ether whales took note of the bearish trend and accumulated over $1 billion worth of ETH while the price went below the support level.

Whales Buy A Major Amount Of Ethereum

According to Santiment, Ethereum whales accumulated nearly 947,940 ETH worth over $1 billion in the current market price. The “Percentage of Supply Held” data for Ethereum indicates the move as the most significant single-day whale accumulation in the last year.

In previous accumulations, Ethereum’s price rose by an average of 3.2% against BTC. Bitcoin whale accumulations at support levels often trigger a bullish price reversal, but the opposite happened this time.

This is because Ethereum still suffers the effect of the FTX contagion. The FTX collapse hit the cryptocurrency as the crypto exchange suffered ETH shortages, leading to insolvency.

Former CEO of FTX Sam Bankman-Fried’s Alameda Research transferred a large amount of ETH to the exchange to save the situation. However, the attempts failed as both firms filed for bankruptcy a few days later.

The FTX hacker didn’t help, as he attacked the exchange’s accounts and carted away many assets. The account drainer later converted all the assets to Ethereum, raising speculations that the hacker’s wallet address belonged to an insider. However, days later, the hacker dumped all the stolen ETH for Bitcoin, causing further sell pressure on Ethereum.

Two Largest Cryptocurrencies Fall To New Lows

Given the unfortunate events, Ethereum price continued tanking amid the crisis down to the support levels before the whale accumulation. Ethereum now trades at $1,165 with gains.

Ethereum Whales Accumulate Over $1 Billion Worth Of Ethereum Amid High Sell-off
Ethereum grows by 2% on the chart l ETHUSDT on Tradingview.com

However, despite the massive loss, Ethereum has shown signs of recovery as its price added 2% in the last few hours. Meanwhile, Bitcoin itself is not doing so well. Last Tuesday, the largest cryptocurrency hit its four-month low at $17,656 after plunging 10%.

Related Reading

bitcoin

Bitcoin At $1M By 2030: Why Cathie Wood Remains Confident In Bold Bet

11 months ago

The asset continued downward, hitting a week low on Monday and dragging other cryptocurrencies. According to Coin Metrics, Bitcoin traded at $15,725.02 and later fell to 15,586.94, the lowest since November 10. However, BTC recovered a bit and is now trading at $16,515 with minor gains.

Featured image from Pixabay, chart from TradingView.com
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Sarah
Sarah

Sarah

Sarah is a journalist who continues to share her passion for writing through her writing in DeFi, FinTech, and Cybersecurity.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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