A recent series of transactions carried out by an Ethereum (ETH) whale has caught the attention of the crypto community. The whale, operating through a network of eight wallets, executed a significant movement of funds totaling approximately $46.02 million in ETH tokens. The transactions began with the withdrawal of these funds from two major exchanges, Binance and Bitfinex.
The complexity of these transactions did not end there. After withdrawing the funds at an average price of around $2,419 per ETH, the whale engaged with Lido, a prominent liquid staking solution. This move involved withdrawing 50.15 million USDT from Aave, a well-known decentralized finance (DeFi) protocol. The whale then exchanged the stablecoin for 19,021 ETH, further amassing a value of $46.02 million.
Spot On Chain, a blockchain analytics platform, also revealed that three wallets still hold about 30 million USDT in Aave. This lingering balance has sparked curiosity as it might indicate that these funds could be deployed into a centralized exchange (CEX) for further acquisition of Ethereum.
The context of these whale movements is particularly crucial considering the current market conditions Ethereum is experiencing. Over the past 24 hours, Ethereum’s price has dropped by 7.7% to trade at $2,211. This bearish trend is not isolated and is reflective of the entire crypto market, which appears to be in a downturn led by Bitcoin.
Crypto analyst Ali highlights a key support zone between $2,380 and $2,461 for Ethereum. However, recent market movements indicate that Ethereum may have breached this critical demand zone. If this break continues, it could lead to a further plunge towards the $2,000 mark, escalating concerns about a bigger correction.
The Ethereum market’s dip in value has had a noticeable impact on traders. Coinglass data reveals that the recent market conditions have led to significant liquidations, with over 137,000 traders being liquidated in just 24 hours, amounting to $357 million.
Among the affected traders, Ethereum traders bear a significant portion of these total liquidations. Long and short traders have suffered $72.82 million and $6.30 million in liquidations, respectively, in the past 24 hours.
Interestingly, these market conditions have coincided with notable actions by Celsius, a crypto lending firm currently facing financial challenges. On-chain analysis suggests that Celsius has been actively moving large sums of Ethereum, including a 13,000 ETH deposit on Coinbase.
Arkham Intelligence reports further indicate that Celsius liquidated over $125 million in Ethereum to address its financial obligations. This auction was primarily aimed at paying off creditors as part of the firm’s bankruptcy proceedings.
The recent activity of the Ethereum whale and the movements of funds across various platforms highlight the intricacies of the crypto market. With the bearish market conditions and the potential for further price drops, investors and traders must exercise caution and conduct thorough research before making any investment decisions.
Disclaimer: The article is provided for educational purposes only and does not represent the opinions of NewsBTC. Investing in cryptocurrencies carries risks, and individuals are advised to do their own research before making any investment decisions.
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