In the cryptocurrency market, the actions of major players have been making headlines lately, as much as price movements.
Selling pressure on Bitcoin and altcoins continues. BTC has fallen below $70,000 for the first time in months, while altcoins, particularly Ethereum, have also experienced sharp declines.
Bitcoin has fallen 8.8% in the last week to $69,000, Ethereum has dropped 12.5% to $1,950, XRP has fallen 14.2% to $1.02, and Solana has fallen 10% to $80.
While market activity continued after these declines, transfers made by whale wallets also attracted attention.
According to Lookonchain’s report, an Ethereum Foundation-linked wallet initially made a large sell-off when Ethereum fell below $2,000. Specifically, wallet address “0x5CBC” sold 2,000 ETH (worth $3.87 million).
It was stated that this account has been selling since October 12th, and each time ETH is sold, the price drops. “On October 12th, they sold, ETH dropped by 9%; on October 26th, ETH dropped by 7.7%; on November 10th, ETH dropped by 10.4%; and finally, today was the 4th sale.”
Besides the Ethereum Foundation, an anonymous whale address starting with 0xBE4 also sold 16,700 ETH worth $32.3 million in a single transaction. Lookonchain noted that this address had bought 8,631 ETH ($23.7 million) at $2,749 about a month ago due to FOMO, highlighting that it was a victim of the “buy high, sell low” tactic.
Another whale with a 100% win rate, “0xe813,” is currently at a loss of $7.3 million on its long position in ETH. According to Lookonchain, this whale won all of its previous 10 trades, making a profit of $6.32 million. However, this single trade wiped out all its previous profits, putting it in a loss overall.
Lookonchain recently noted that even hackers panicked and sold ETH as the market crashed. According to them, one wallet bought 1,500 ETH from Tornado Cash and then sold 1,499 ETH at $1,998.
Lookonchain reported that whales were liquidating one after another as the market crashed. Accordingly, four whales were liquidated, each losing more than $10 million, and positions totaling $143.89 million were 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 market downturn also negatively impacted Tron founder Justin Sun. Accordingly, Sun’s unrealized profit on his PEPE position dropped to $5.048 million. Specifically, the cryptocurrency market crash over the past two days caused Justin Sun’s unrealized profit on PEPE assets to fall from a peak of $18.55 million to $5.048 million.
*This is not investment advice.
