Nearly 400K Ethereum Moved By Whales Amid ETH Price Dump

Ashish Kumar
November 21, 2022
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
VanEck Forecasts $6,000 ETH by 2025

Ethereum (ETH), the world’s second largest crypto price dropped by more than 8% in the last 24 hours. However, this Ethereum price move has motivated the crypto whales to add more ETH to their holdings.

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ETH price tanks; Crypto whales add

As per the Whale Alert data, Crypto whales have moved around 400K Ethereum from the crypto exchanges. More than $445 million worth of Ethereum was moved to multiple unknown wallets amid the price dump.

The data depicts that whales moved around 300k Ethereum (worth approx $333 million) from Upbit, a crypto exchange to different wallets. However, the biggest transaction recorded by the tracker has been of adding $129.1 million worth of ETH from the same exchange.

However, A whale accumulated 99.99K Ethereum from the Bitifinex crypto exchange. The transaction worthed around $112.4 million, data suggest.

This whale accumulation has come amid the massive Ethereum Price drop. ETH price is down by 12% in the last 7 days. ETH is trading at an average price of $1,128, at the press time. However, its 24 hour trading volume is up by a whopping 103% to stand at $11.9 billion. ETH’s market cap stands at around $137 billion.

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ETH liquidation breaches $40 million

According to the Coinglass data, around 66,704 traders have liquidated more than $180 million from the crypto market in the last 24 hours. However, traders have moved out approx $40 million from Ethereum. 85% of these liquidations came in the long position.

The global crypto market cap dropped below the crucial $800 billion level. It now stands at $795 billion. Bitcoin prices have dropped by 4% in the last 24 hours. It is trading at an average price of $15,998, at the press time.

Coingape reported that the FTX hacker who stole $600 million from the collapsed exchange is rapidly converting the funds to Bitcoin. It mentioned that the hacker successfully converted all the stablecoins to ETH. The total accumulate Ethereum was valued around $288 billion.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.