Ethereum Drops as Whale Sales Trigger Major Liquidations
Bitcoin and altcoins remain under selling pressure. BTC fell below $70,000 for the first time in months and was last down 8.8% over the past week at $69,000. Ethereum dropped 12.5% to $1,950, XRP lost 14.2% to $1.02 and Solana fell 10% to $80. Whale wallet transfers drew scrutiny as the slide continued.
A Lookonchain report said an Ethereum Foundation-linked wallet sold heavily after ETH broke below $2,000. Address 0x5CBC sold 2,000 ETH worth $3.87 million. The account has been selling since Oct. 12, with ETH falling each time. Lookonchain said ETH dropped 9% after the Oct. 12 sale, 7.7% after the Oct. 26 sale and 10.4% after the Nov. 10 sale. The latest sale was the fourth.
Separately, anonymous whale address 0xBE4 sold 16,700 ETH worth $32.3 million in one transaction. Lookonchain said the address had bought 8,631 ETH for $23.7 million at $2,749 about a month earlier due to FOMO, making it a victim of buying high and selling low.
Whale 0xe813, which had a 100% win rate, is now sitting on a $7.3 million loss on a long ETH position. Lookonchain said the trader had won all 10 previous trades for a $6.32 million profit, but the single loss erased those gains and left the account underwater overall.
Lookonchain also said some hackers panicked and sold ETH during the crash. One wallet bought 1,500 ETH from Tornado Cash and then sold 1,499 ETH at $1,998.
Liquidations spread across major whales. Lookonchain reported four whales were liquidated, each losing more than $10 million, with positions totaling $143.89 million wiped out:
Wallet 0x6046: 12,742 ETH ($25.2M) and 536.89 BTC ($38.77M)
Wallet 0x01e2: 511 BTC ($36.4M)
Wallet 0x5f91: 357.09 BTC ($25.15M)
Wallet 0x4a20: 112,176 SOL ($9M), 82.66 BTC ($5.85M) and 1,771.2 ETH ($3.52M)
The downturn also hit Tron founder Justin Sun. His unrealized profit on a PEPE position fell to $5.048 million from a peak of $18.55 million as the crypto market crashed over the past two days.
This is not investment advice. Continue reading: The Whale Whose Sales Keep Sinking Ethereum Sells Again; Other Whales Panic as Millions in Bitcoin and Altcoin Positions Are Wiped Out.
