Ethereum price drop forces whales to sell ETH in millions to repay debts
The post Ethereum price drop forces whales to sell ETH in millions to repay debts appeared on BitcoinEthereumNews.com.
Ethereum (ETH) has experienced sharp declines in recent days, forcing some of the cryptocurrency’s largest holders to liquidate significant amounts of their holdings. According to market tracker LookonChain, the price of Ethereum has fallen by 18.35% from its Monday high of $4,109, forming a bearish engulfing pattern on the daily chart. According to recent updates, ETH has lost more than 7% today alone, and this has prompted whale holders to let go of a huge chunk of their holdings to repay debts. At press time, the second largest crypto by market cap is trading at $3,390, with its 24 hour trading volume going up by 14%, signaling a heightened market activity. Whales offload, buy millions in Ethereum holdings LookonChain reported that a whale deposited 22,746 ETH, valued at $77.7 million, to Binance in the early hours of Friday to withdraw stablecoins and repay debts on decentralized finance platforms Spark and Aave. In total, this whale has moved 31,968 ETH, worth approximately $108.3 million at current valuations, to Binance over the past two days. The recent price drop forced whales to sell $ETH to repay debts. A whale deposited 22,746 $ETH($77.7M) to #Binance in the past 5 hours and withdrew stablecoins from #Binance to repay debts on #Spark and #Aave. And this whale has deposited a total of 31,968 $ETH($122.3M) to… pic.twitter.com/vhw9J1KTkP — Lookonchain (@lookonchain) December 20, 2024 Another whale deposited an even larger amount of 49,910 ETH, worth $170 million, to Binance hours ago. This individual subsequently withdrew $137.8 million worth of stablecoins from the exchange, likely for debt repayment. Within seven days leading up to December 18, Ethereum whales holding between 1,000 and 10,000 ETH collectively reduced their holdings from 13.47 million ETH to 13.41 million ETH. This sell-off represents 60,000 ETH offloaded, valued at more than $200 million. …
