An Ethereum (ETH) whale has recently made a splash in the crypto market with a series of transactions involving a significant movement of funds. Spot On Chain, a blockchain analytics platform, unveiled this intriguing activity that amounted to approximately $46.02 million in ETH tokens. The whale, using a network of eight wallets, initiated withdrawals from two major exchanges, Binance and Bitfinex. However, the complexity of these transactions did not end there.
After successfully withdrawing the funds at an average price of around $2,419 per ETH, the whale chose to engage with Lido, a well-known liquid staking solution. To do so, they withdrew 50.15 million USDT from Aave, a popular decentralized finance (DeFi) protocol, and exchanged it for 19,021 ETH, effectively amounting to $46.02 million. Interestingly, Spot On Chain also revealed that three wallets still retained approximately 30 million USDT in Aave.
The lingering balance held in these wallets has instigated curiosity among market observers. Some speculate that these funds may soon be deposited into a centralized exchange (CEX) for further acquisition of Ethereum. This speculation is particularly significant considering the current market conditions surrounding Ethereum.
Ethereum’s price has experienced a bearish trend, dropping by 7.7% over the last 24 hours to trade at $2,211. This downward movement is not unique to Ethereum alone; the entire crypto market, led by Bitcoin, appears to be in a downturn. Analyst Ali has identified a key support zone for Ethereum between $2,380 and $2,461, which it seems to have breached. This breach raises concerns about a potential greater correction, with fears that Ethereum’s price may plunge further towards the $2,000 mark.
The dip in Ethereum’s value has had a noticeable impact on traders. Coinglass data highlights significant liquidations due to recent market conditions. Within a span of 24 hours, over 137,000 traders were liquidated, resulting in losses of $357 million. Ethereum traders, both long and short, accounted for a substantial portion of these liquidations, with $72.82 million and $6.30 million lost respectively in the past 24 hours.
The intriguing movements of the Ethereum whale are not the only notable transactions occurring in the market. Celsius, a crypto lending firm facing financial challenges, has also been active in moving large amounts of Ethereum. Recent on-chain analysis revealed a 13,000 ETH deposit on Coinbase by the Celsius wallet. Additionally, Celsius conducted another transaction, depositing 2,200 ETH ($5.13 million) on FalconX. Two staking wallets maintained by Celsius still hold a staggering 557,081 ETH ($1.3 billion).
These actions by Celsius coincide with reports from Arkham Intelligence, indicating that the firm liquidated over $125 million worth of Ethereum to meet its financial obligations. This auction was primarily conducted to pay off creditors, aligning with the ongoing bankruptcy proceedings faced by Celsius.
The activities of the Ethereum whale and Celsius have undoubtedly sparked curiosity and speculation within the crypto community. As the market experiences a downturn, traders and investors keenly observe the unfolding events, hoping to decipher the impact on Ethereum’s price and the broader market. Only time will tell the true significance of these transactions and whether they will trigger a domino effect on the crypto landscape.
