Bitcoin and Ethereum Whales Are Dumping Coins at A Loss, Will Support Level Hold?
The crypto markets squeeze continues, with assets recording double-digit exits. Bitcoin (BTC) and Ethereums (ETH) outflows have shaped other assets, heightening sell pressures in the second week. Total outflow has topped $2 billion as the market cap plunged to $3.19 trillion, a 3.8% decline today. Despite this downtrend, crypto users are optimistic about a surge after a slight swing in hourly trading.
BTC Whales Sell At A Loss
The last seven days have signaled low sentiments following huge crypto whale sales. Lookonchain says large BTC and ETH holders have sold assets to minimize losses as the market correction bites harder. Bitcoin inflows to centralized exchanges and subsequent sales have plunged its price below the $92,500 mark.
Due to outflows, this low price threatens its $90K support at the start of the year. Massive inflows to exchanges highlight a possible sale, increasing the chances of more corrections. This week saw huge whale BTC sales, most at a loss to avoid stinging liquidations.
On-chain data shows most retail holders sold assets following a correction below $95,000 leaving institutional traders buying the dip. Massive sales were also recorded from institutional holdings, highlighting the poor weekly run-in of products. BTC price stands at $96,578, an 8% decline in the last seven days. The crash in holdings highlighted a sharp drop in trader settlements has also affected total volumes.
Ethereum Price Crashes To $3,100
At the time of writing, the ETH price plummeted to $3,215 as bulls tried to hold the forte. This marks a huge 14% decline since last week and a 3% plunge today. Ethereums decline comes amid low sentiment in the crypto and decentralized (DeFi) market. As liquidations exceed $500 million, ETHs market cap is at $387 billion.
Data from Lookonchain shows massive whale offloads with large transfers to Binance. A single trader lost $1 million from three transactions in an attempt to gauge positions.
Whales are dumping $ETH at a loss! 9 hours ago, 3 wallets(likely belonging to the same whale) sold 10,070 $ETH for 33M $DAI at $3,280, losing $1M. This whale withdrew 24,029 $ETH($81.3m) from #Binance via 10 new wallets 3 weeks ago and currently holds 13,959 $ETH($45.48M), Lookonchain wrote.
This downtrend in Bitcoin and Ethereum has taken its toll on altcoins and meme tokens. The wider market has recorded stinging exits, with some assets posting double-digit outflows.
Text source: ZyCrypto
