Whales Are Dumping Ethereum Like It’s Hot! 🐋💸

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So, it turns out that cryptocurrency whales—those big fish in the digital ocean—have been busy shoveling a staggering amount of Ethereum into the abyss. I mean, who needs a yacht when you can just dump 200,000 ETH, right? 🛥️

Whales Let Go of 200,000 ETH

According to our favorite crypto oracle, Ali Martinez, a chart from the on-chain data wizards at CryptoQuant reveals that these whales have recently exchanged a jaw-dropping 200,000 ETH. That’s about $376,122,553, or as I like to call it, “a small fortune that could buy you a lifetime supply of avocado toast.” 🥑

The chart shows the wallets of those holding between 1,000 and 100,000 ETH, and let me tell you, the curve looks like my diet plan after a week of stress eating. The balance plummeted from 12.77 million to 12.57 million ETH. Talk about a dramatic drop! 📉

Whales have moved over 200,000 #Ethereum $ETH in the past two weeks!

— Ali (@ali_charts) March 29, 2025

“Ethereum Back to $1,000?” Bloomberg’s Mike McGlone

This week, Mike McGlone, Bloomberg’s chief commodity strategist (a title that sounds like he should be wearing a lab coat), took to his X account to ponder whether Ethereum might tumble back to $1,000. You know, just like it did during the pandemic when we were all hoarding toilet paper and sourdough starter. 🧻🍞

McGlone thinks we should keep an eye on Ethereum’s price trajectory, which he claims is linked to other risk assets. If ETH takes a nosedive, it could mean the S&P 500 is about to join it in the depths of despair. He’s basically saying, “If ETH can’t get its act together, the rest of the market might as well throw in the towel.”

He wonders if Ethereum will manage to break the $2,000 barrier or if it will just roll over and play dead, dragging other altcoins down with it. And if Bitcoin can’t find its footing, well, let’s just say it’s going to be a rough ride for everyone. 🎢

Bitcoin Might Head Back to $10,000, McGlone Believes

But wait, there’s more! McGlone isn’t just bearish on Ethereum; he’s got his sights set on Bitcoin too. He likens its current performance to the Nasdaq 100 back in 2000, right before the dot-com bubble burst. You know, when everyone thought they were going to be rich and then ended up with nothing but a bunch of Beanie Babies. 🧸

He warns that Bitcoin could drop to $10,000, which is like watching your favorite show get canceled after one season. Investor sentiment has shifted, and folks are pulling their money out of Bitcoin ETFs faster than I can say “cryptocurrency crash.”

So, buckle up, everyone! It looks like we’re in for a wild ride in the crypto world, and I’m just here for the popcorn. 🍿

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2025-03-29 14:03