Ethereum has fallen, whales are busy repaying debts

#Christmas Market Prediction

In the past few days, the price of Ethereum (ETH) has plummeted, seemingly due to some large holders suddenly selling off in bulk. According to LookonChain data, since the high of $4,109 on Monday, Ethereum has dropped by 18.35%, and the intraday chart looks quite alarming.

Today alone, ETH has dropped more than 7%, scaring the whales into quickly selling large amounts of Ethereum to repay debts. Currently, the trading price of the second-largest cryptocurrency is $3,390, with a 24-hour trading volume up by 14%, making the market quite lively.

Whales trading millions of Ethereum

LookonChain reports that early Friday, a whale deposited 22,746 ETH into Binance, worth $77.7 million, to exchange for stablecoins and repay debts for Spark and Aave. Over the past two days, this whale has deposited a total of 31,968 ETH into Binance, currently worth $108.3 million.

A few other whales have also deposited large amounts of Ethereum into Binance, totaling 49,910 ETH, worth $170 million. They withdrew $137.8 million in stablecoins, likely also to repay debts.

On December 18, whales holding between 1,000 to 10,000 ETH collectively sold off, reducing from 13.47 million ETH to 13.41 million ETH, losing 60,000 ETH, which is worth over $200 million.

According to CoinGlass, in the past 24 hours, Ethereum liquidations exceeded $190 million, with long positions losing $165 million and short positions losing $25 million. Open interest has decreased by 7.4%, and the cryptocurrency market is generally losing money.

However, not all whales are bearish. Trump's financial firm related to World Freedom Finance spent $2.5 million to buy 722 ETH on Thursday.

Another whale, linked to Longling Capital, bought 6,000 ETH during this downturn. This whale is quite impressive, timing the market well and making $83 million from Ethereum price fluctuations.

Ethereum struggles to break the $4,000 barrier

Ethereum is currently facing difficulties, unable to break through the $4,000 hurdle. This is the fifth attempt this year, and it still hasn’t succeeded.

As a seasoned cryptocurrency investor, I, Tu Fei, share my experiences and insights. Interested in the cryptocurrency world but don’t know how to start? Click on the avatar to view the cooking industry profile, follow the public account to join the group, and witness the miraculous moments together.