Bitcoin and the broader cryptocurrency market have come under severe selling pressure with over $900 million in liquidations over the last 24 hours. The Ethereum (EHT) price has cracked by a staggering 8% moving all the way to $3,250 levels.
Ethereum Whale Action
The whale transaction in the Ethereum ecosystem have shot up significantly adding up to the selling pressure on Ethereum. In response to the recent market downturn, four significant whales or institutions have offloaded a substantial amount of Ethereum (ETH), totaling 31,683 ETH, valued at approximately $106 million.
According to data provided by Lookonchain, the transactions involved major players in the cryptocurrency space, including Cumberland, 0xC3f8, 0x1717, and Alameda/FTX.
Cumberland was observed depositing 17,206 ETH, equivalent to $57.3 million, onto various exchanges. Similarly, wallet address 0xC3f8 transferred 7,976 ETH, valued at $26.6 million, to Binance, while 0x1717 deposited 4,000 ETH, amounting to $13.32 mil
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