📉 Crypto Market Under Heavy Pressure as Whales Capitulate
Downward momentum continues to grip Bitcoin and the broader altcoin market. For the first time in months, BTC has slipped beneath the $70,000 threshold, dragging major altcoins—especially Ethereum—into steep territory. 🔻
Over the past seven days, the market has taken a noticeable hit:
Bitcoin (BTC): Down 8.8% to $69,000 🟠
Ethereum (ETH): Plunged 12.5% to $1,950 🔷
XRP: Tumbled 14.2% to $1.02 💧
Solana (SOL): Dropped 10% to $80 🟣
Amid the ongoing volatility, large-scale transactions from major "whale" wallets have stolen the spotlight. 🐋👀
According to data from blockchain tracker Lookonchain, an address tied to the Ethereum Foundation (0x5CBC) offloaded 2,000 ETH (valued at $3.87 million) right as Ether dipped under the $2,000 mark. Interestingly, this wallet has developed a pattern of timed sell-offs since mid-October, with each dump preceding a sharp price correction:
Oct 12: ETH fell 9% following a sale.
Oct 26: ETH dropped 7.7% after another offload.
Nov 10: ETH slid 10.4% post-sale.
Today: Marks their fourth major sell-off. 🚨
Meanwhile, an unidentified whale (0xBE4) dumped 16,700 ETH ($32.3 million) in one massive transaction. Lookonchain pointed out that roughly a month ago, FOMO drove this same trader to purchase 8,631 ETH ($23.7 million) at a peak price of $2,749—turning them into a textbook case of buying high and selling low. 🤦♂️💸
Even seasoned traders aren't safe from the bloodbath. A whale (0xe813) boasting an undefeated 10-trade winning streak—which had previously netted $6.32 million—is now sitting on an unrealized loss of $7.3 million on a massive ETH long position, completely erasing all prior gains. 📉💥
The panic has even reached illicit actors. Lookonchain observed a hacker-linked wallet moving 1,500 ETH out of Tornado Cash only to dump 1,499 ETH at $1,998 as prices spiraled. 🏴☠️🏃♂️
The downturn triggered a domino effect of forced liquidations among major players, wiping out $143.89 million across four massive whale accounts—each suffering losses exceeding $10 million:
0x6046: Lost 12,742 ETH ($25.2M) & 536.89 BTC ($38.77M) 💀
0x01e2: Lost 511 BTC ($36.4M) 💀
0x5f91: Lost 357.09 BTC ($25.15M) 💀
0x4a20: Lost 112,176 SOL ($9M), 82.66 BTC ($5.85M) & 1,771.2 ETH ($3.52M) 💀
Finally, Tron founder Justin Sun also felt the sting of the market-wide correction. Over the last 48 hours, the crypto sell-off slashed the unrealized gains on his PEPE holdings from a high of $18.55 million down to $5.048 million. 🐸📉 #Whale.Alert #BTC
