Ethereum (ETH), the flagship alternative cryptocurrency, hit a new all-time high of $38 billion in spot volume on Monday, according to data provided by David Lawant, the head of research at FalconX.
Bitcoin (BTC) also recorded its third-highest day at $49 billion.
The price of ETH collapsed to an intraday low of $2,125 on Monday before recovering to $2,879. The flagship altcoin recorded a stunning 27% candle amid full-blown crypto market mayhem.
Notably, US-based spot Ethereum ETFs also saw record-breaking trading volumes on Monday, according to analyst Nate Geraci.
According to the data published by SoSoValue, these products attracted roughly $83.5 million worth of inflows on Monday. Meanwhile, Bitcoin ETFs recorded a whopping $234.54 million worth of outflows.
Whale moves
As reported by U.Today, a long-dormant Ethereum whale made a massive deposit to Ethereum just before the crash.
Notably, Consensys founder Joseph Lubin argued that the recent crash was likely due to whales shaking out weak hands.
Arman ShirinyanAccording to data provided by Whale Alert, a service that tracks large Ethereum transitions, an Ethereum whale deposited $154 million to the Binance exchange several hours ago.
Another volatile day
The flagship altcoin has once again experienced significant volatility over the past 24 hours.
Earlier this Tuesday, it plunged to an intraday low of $2,677 before recovering $2,853.
Alex DovbnyaStill, uncertainty continues to persist due to ongoing trade tensions.
Bitcoin is also struggling to regain the psychologically important $100,000 level.
Dan Burgin
Vladislav Sopov