Ethereum fell, whales are busy paying off debts
#Christmas market prediction
In recent days, the price of Ethereum (ETH) has plummeted, seemingly due to some large holders suddenly selling off in large quantities. According to LookonChain, since the peak of $4109 on Monday, Ethereum has dropped by 18.35%, and the intraday line chart looks quite alarming.
Today, ETH has dropped by more than 7%, scaring the whales into quickly selling a large amount of Ethereum to pay off debts. Now, the trading price of the second-largest cryptocurrency is $3390, with a 14% increase in 24-hour trading volume, making the market quite lively.
Whales are buying and selling 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 pay off debts to 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.
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, possibly to pay off debts as well.
On December 18, whales holding between 1000 to 10000 ETH collectively sold off, reducing from 13.47 million ETH to 13.41 million ETH, losing 60,000 ETH, worth over $200 million.
According to CoinGlass, in the past 24 hours, Ethereum liquidations exceeded $190 million, with bulls losing $165 million and bears losing $25 million. The open interest has decreased by 7.4%, and the cryptocurrency market is generally losing money.
However, not all whales are bearish. Trump's financial enterprise related to World Freedom Finance spent $2.5 million on Thursday to buy 722 ETH.
Another whale, associated with Longling Capital, bought 6000 ETH during the downturn. This whale is quite remarkable, accurately timing the market and earning $83 million from Ethereum's price fluctuations.
Ethereum struggles to break the $4000 barrier
Ethereum is currently facing difficulties, unable to surpass the $4000 hurdle. This is the fifth attempt this year, and it still hasn't succeeded.
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