According to analytics platform Lookonchain, a dormant Ethereum whale recently woke up from hibernation after six months of inactivity.
The address sent a whopping $228.6 million worth of Ethereum (ETH) to Bitfinex shortly before a recent price crash.
As reported by U.Today, the cryptocurrency market recently got hit by $2.2 billion worth of liquations within just 24 hours.
Ethereum (ETH) has nose-dived by more than 20% over the past 24 hours alongside some other major cryptocurrencies.
Alex DovbnyaNearly $480 million worth of ETH long positions has been liquidated, with the flagship altcoin taking a much bigger hit than Bitcoin (BTC).
Meanwhile, a whale who shorted ETH with 50x leverage right before the market crash currently has an unrealized profit of over $30 million.
The ETH/BTC pair plunges
Meanwhile, Ethereum has hit yet another multi-year low against Bitcoin during the recent market crash, plunging to 0.023 BTC. The ETH/BTC pair has now reached its lowest level since January 2020.
The cryptocurrency has collapsed 73% against Bitcoin since November 2021. Back then, Ethereum was the dominant force within the industry due to the success of decentralized finance (DeFi) and non-fungible tokens (NFTs).
Vladislav SopovShaking out weak hands
Consensys founder Joseph Lubin recently attributed the negative sentiment to whales shaking out weak hands.
"What we are seeing is whales taking advantage of economic turmoil and negative sentiment to shake out weak hands, run stops, and then buy back when they can run that same playbook in reverse," Consensys founder Joseph Lubin said.
Dan Burgin
Vladislav Sopov