The cryptocurrency market continues to bleed blood with a wave of harsh selling experienced over the past week. While major crypto assets such as Bitcoin (BTC) and Ethereum (ETH) are experiencing significant declines, the market has seen a deep price drop. Ethereum has been steadily losing value over the past six days, raising concerns among investors. On the other hand, other cryptocurrencies have also been affected by this decline.

The State of Bitcoin and Ethereum

While Ethereum fell 5.5% to $2,322, Bitcoin fell 2.5% to $60,200. Other top crypto assets such as Solana (SOL) and Polkadot (DOT) also joined the decline, with Solana losing 8% and Polkadot losing 3%. XRP fell more than 15% after the U.S. Securities and Exchange Commission (SEC) announced that it would appeal a court decision that limited its authority to regulate the cryptocurrency market.

The sharp decline led to massive liquidations in the market. More than 105,000 investors lost a total of $298 million worth of positions in the past 24 hours. While the turmoil in the crypto market has investors worried, uncertainties about the future are increasing.

The Silence of the Bitcoin Whales

While the market is in such dire straits, large Bitcoin holders, the whales, remain relatively inactive. According to CryptoQuant CEO Ki Young Ju, whales are not considering selling their Bitcoin because they have not made enough profits. Young Ju noted that older whales are not able to make high profits, and whales who have just taken positions during the recent bull market have barely made any profits.

New whales would only be able to make a 1% profit if they sold in current market conditions. For this reason, large sales are not expected to occur unless retail investor liquidity increases in the market. Although October has historically been known to be a strong month for Bitcoin, especially during bull markets and halving years, volatility has continued this year.

Rejecting artificial intelligence tokens

Tokens related to artificial intelligence and big data have also lost $4.8 billion in market value over the past two days. Nearest Protocol (NEAR) is the biggest loser in this category, down 17% over the past seven days. Other tokens such as Bittensor (TAO) and Internet Computer (ICP) have also lost 14% and 8%, respectively. Render (RNDR) is down 14% and Federation for Super Artificial Intelligence (FET) is down 17%.