Main navigation

Here's Who Caused Ethereum (ETH) to Drop Massively

Thu, 06/29/2023 - 08:28
article image
Arman Shirinyan
Ethereum plummeted from local high to one-week low, thanks to a few addresses
Here's Who Caused Ethereum (ETH) to Drop Massively
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced a sharp price drop recently, moving from $1,940 to $1,847. While various factors play into the volatility of cryptocurrency prices, the substantial sell-off by a particular "whale" is believed to have significantly contributed to Ethereum's decline in this instance.

A "whale" in the crypto universe refers to an individual or entity that holds a large amount of a particular cryptocurrency. When such a player makes substantial trades, it often triggers notable price movements. In this case, an Ethereum whale strategically deposited 25,000 ETH (valued at approximately $47.24 million) to Binance, the popular crypto exchange platform, and withdrew 15.9 million USDT 12 hours later.

Renowned for buying low and selling high, this crypto whale has maintained a perfect win rate for Ethereum trading over the past couple of months. This successful strategy, while profitable for the whale, has recently resulted in downward pressure on ETH's price.

Just nine hours after the initial transaction, the whale proceeded to withdraw another 16 million USDT, further contributing to Ethereum's downward spiral. Analysts believe the sudden drop in Ethereum's price was largely attributed to this whale's substantial sell-off.

Shiba Inu's Lead Developer Shytoshi Kusama Stirs Intrigue with '#WHERE?' Tweet

With approximately 8,000 ETH (roughly $14.7 million) yet to be sold, this influential whale's future trading activities could potentially exert additional selling pressure on Ethereum's market value. However, it is also crucial to note that crypto markets can be affected by a myriad of factors, including global economic trends, regulatory news and changes in investor sentiment.

This recent event underscores the amount of power and influence whales have on the cryptocurrency market. Retail investors should always stay cautious and track large wallets to avoid unexpected sell-offs like this one.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.