Ethereum which is the second largest crypto asset is facing disaster as its price has fallen more than 8% in the last 24 hours. However, some of the Whales may see this as an opportunity to increase their holdings.
Based on the data released by the 'whales' tracker, the group has sent around 400k Ethereum from the crypto exchange. More than $445 million of Ethereum was transferred to various unknown wallets amid the price collapse.
The data illustrates that the 'whale' cluster moved around 300k Ethereum (worth about $333 million) from Upbit to different wallets. However, the largest transaction recorded by the tracker was the addition of $129.1 million worth of ETH from the same exchange. On the other hand, the whale group also collected 99.99k Ethereum from Bhinifinex Crypto Exchange. The transaction is worth around $112.4 million, based on the data.
The whales' rally comes amid a massive drop in Ethereum's price. ETH price is down by 12% in the last 7 days. ETH is trading at an average price of $1,128 at the time of writing.
Based on Coinglass data, around 66,704 traders have dropped more than $180 million from the crypto market in the last 24 hours. About $40 million from Ethereum. 85% of these liquidations came in long positions.
The global crypto market capitalization has dropped below the crucial $800 billion mark. It now stands at $795 billion. The price of bitcoin has decreased by 3% in the last 24 hours. It is trading at an average price of $16,168, at the time of writing.
On the other hand, there have been rumors that the FTX hacker who stole $600 million from the FTX exchange has started converting funds to Bitcoin. It mentions that the hacker successfully converted all stablecoins to ETH. The accumulated amount of Ethereum is worth about $ 288 billion.
