Ethereum Whale Unloads $111M Amid Price Drop to $2,635
The Ethereum market saw a significant downturn, with its price plummeting to $2,635 after a 3% drop in market cap. This decline triggered a wave of liquidations, with over $96 million worth of longs being flushed out.
This sell-off was largely driven by the actions of whales, who are known for their significant influence on the market's direction. According to Lookonchain data, one whale sold 42,005 ETH worth $111.89 million, leaving them with only 9,996 ETH worth $26.8M.
This sale was part of a broader trend in which whales have been exiting the market, fearing that the current trend may not be sustainable. This behavior has been observed across multiple exchanges, with Ethereum Exchange Netflow turning positive for the first time in five days.