In simpler terms, Bitcoin and other cryptocurrencies have experienced significant downturns within the past day, leading to over $900 million in losses through liquidations. The value of Ethereum (ETH) has dropped by a large margin, reaching approximately $3,250.
Ethereum Whale Action
Large investors or institutions in the Ethereum market, referred to as whales, have recently sold a large quantity of Ethereum (around 31,683 ETH) in the Ethereum ecosystem. This sale has added to the current selling pressure on Ethereum, causing its price to decrease further due to the market downturn. The total worth of this sale is estimated to be around $106 million.
Based on information from Lookonchain, these transactions were participated in by notable figures in the cryptocurrency sector: Cumberland, 0xC3f8, 0x1717, and Alameda/FTX.
In a recent observation, Cumberland put 17,206 Ethereum tokens worth around $57.3 million onto several exchanges. Meanwhile, wallet address 0xC3f8 moved 7,976 Ethereum tokens, equivalent to approximately $26.6 million, to Binance. Additionally, 0x1717 deposited roughly $13.32 million in Ethereum, consisting of 4,000 tokens, onto various exchange platforms.
Furthermore, Binance reported that Alameda/FTX transferred 2,500 Ether, valued at approximately $8.33 million, into their platform.
During times of market instability, Institutional investors and major traders (referred to as “whales”) are making substantial sales, signaling notable shifts in the investment landscape.
During the market drop, 4 whales/institutions dumped 31,683 $ETH($106M).
Cumberland deposited 17,206 $ETH($57.3M) to exchanges.
0xC3f8 deposited 7,976 $ETH($26.6M) to #Binance.
0x1717 deposited 4,000 $ETH($13.32M) to exchanges.…
— Lookonchain (@lookonchain) April 13, 2024
Crypto Analyst Fred Krueger Sounds Alarm on Ethereum
Fred Krueger, a well-known cryptocurrency analyst, voiced worries about the Ethereum (ETH) community in a significant remark. He indicated that Ethereum’s compelling story was losing steam due to various hurdles.
Krueger pointed out several reasons for his belief in Ethereum’s downward trend. Among these factors are ongoing probes affecting the Ethereum Foundation and a Wells Notice received by Uniswap, a prominent decentralized trading hub based on Ethereum.
Additionally, Krueger highlighted two significant developments in the Ethereum market. Firstly, he mentioned that an Ethereum ETF was unlikely to emerge soon, which could negatively impact investor enthusiasm. Secondly, he observed a transition from NFTs to ordinals, suggesting new directions within the Ethereum digital asset scene.
Krueger also brought up Solana as an emerging rival, potentially challenging Ethereum’s position from the side, suggesting growing competition within the blockchain marketplace for Ethereum.
In conclusion, Krueger noted that the idea of “Ultra Sound Money” connected to Ethereum was losing its allure, implying a change in both investor perspective and the evolving discourse about the Ethereum blockchain.
ETH story is dying.
The Ethereum Foundation is currently under scrutiny. A Wells Notice has been issued for Uniswap. There will be no ETH ETF launching next month. NFTs are reportedly being replaced by ordinals. Solana is making advances from an unexpected angle. The “Ultra Sound Money” concept has lost favor.
— Fred Krueger (@dotkrueger) April 13, 2024
The cost of Ethereum has dropped significant backing points during the latest adjustment. Should selling intensity continue, Ethereum could potentially fall beneath $3000.
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2024-04-13 11:37