Ethereum Price Drops After Whale Sell-Off

Ethereum’s price dropped drastically at record levels by more than 2.63% within 24 hours, due to a huge sell-off by market whales.

Ethereum Cryptocurrency Chart — Source: Coinmarketcap

According to the on-chain analytics firm Lookonchain, six whale traders sold a total of 44,000 Ethers (around $140 million), pumping massive sell orders that further worsened the market volatility.

6 whales dumped more than 44K $ETH($140M) after the market dropped!

0x4353 deposited 10,431 $ETH($32.66M) to #Binance.https://t.co/3hqVXQvHlu
0x4446 deposited 11,892 $ETH($38M) to #Binance.https://t.co/HvLu7N4DnM
0x488b sold 3,543 stETH($11.23M) at $3,170 and 3,000… pic.twitter.com/93ISSkJWfW
— Lookonchain (@lookonchain) April 29, 2024

In the midst of a broad market decline in the cryptocurrency market, Ethereum’s price fell, and it is currently trading at a price of $ 3,207.88. The dumping impacted the Ethereum network and led to a liquidation of about $25 million worth of assets in the ecosystem of the cryptocurrency. Therefore, this becomes a new indicator of the market activity fluctuations and volatility.

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Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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