Crypto
Whale Selling Triggers Ethereum Classic Price Drop Amid Risk-Off Sentiment
Ethereum Classic's (ETC) price dropped around 12% in a day due to concentrated whale selling and a mildly risk-off macro backdrop.
The decline was not unexpected, given ETC's recent outperformance and its status as a crowded short-term long. The coin had been highlighted as a daily top gainer, with some traders citing a bullish narrative for the upcoming Olympia upgrade and a recent block reward cut.
A localized burst of whale distribution around $8.96, after which ETC became a momentum long, seems to be a key microstructural catalyst for the reversal.