The recent decline of the widely recognized cryptocurrency token $ETH is catalyzing significant developments in the market. According to Lookonchain, a prominent analytics firm specializing in on-chain data, several major investors, known as whales, are preparing to liquidate their holdings of $ETH due to the current volatility.
As the price of $ETH continues its downward trend, whales are poised to initiate liquidation of their $ETH holdings in platforms like #Aave and #Compound.
Lookonchain took to its official platform to disclose this exclusive data. They highlighted in their recent post that the anticipated liquidation is set to occur across popular crypto exchanges, namely Compound and Aave. The firm revealed that three whales have already taken proactive measures in this regard.
Market analysis reveals that Ethereum has experienced a significant decline in price, dropping by 10.25%. This marks the largest single-day decline since November 9, 2022. This downward movement has also impacted $ETH’s market capitalization, which currently stands at $360.89 billion, reflecting a decrease of 17.62%.
In a notable transaction within the last 24 hours, Ethereum traded between $2,896.05 and $3,108.66. Over the past week, Ethereum’s value has decreased by 12.95%. In response to these market conditions, the aforementioned whales deposited a substantial 28,558 $ETH tokens to Binance within a mere two-hour window. They subsequently sold these tokens, amounting to approximately $82.8 million, to repay outstanding debts.