With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
Ethereum Whale Dumps $33 Million Worth of ETH as Crypto Plunge 15% in Single Week
01/13/2025 20:30
Ethereum whale dumps $33M in ETH amid 15% price plunge, triggering market sell-off and raising concerns about further declines.
Key Notes
- An Ethereum whale sold 10,070 ETH for $33M in Dai, incurring a $1M loss; now holds 13,959 ETH.
- Ethereum faced a 15% weekly drop, with futures interest down 9% to $29.12B amid bearish sentiment.
- Large transactions surged 70%, while 82% of Binance futures contracts stayed long, signaling mixed recovery hopes.
An Ethereum whale sold 10,070 ETH ETH $3 072 24h volatility: 5.8% Market cap: $369.98 B Vol. 24h: $22.19 B for $33 million in stablecoin Dai on Sunday, according to blockchain analytics firm Lookonchain. The sale reportedly resulted in a $1 million loss for the investor. The whale, who withdrew 24,029 ETH worth $81 million from Binance three weeks ago, now holds 13,959 ETH, valued at $45.48 million.
— Lookonchain (@lookonchain) January 13, 2025Whales 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).… pic.twitter.com/5lqFegRu3i
This massive sell-off comes as Ethereum struggles through a tough week, shedding over 15% of its value. According to CoinGlass, the ETH futures open interest has also declined around 9% from $32 billion on January 5 to $29.12 billion on January 13. The combination of falling prices and reduced futures interest reflects a bearish sentiment in the market.
Photo: CoinGlass
Adding to the turbulence, large transactions, those exceeding $100,000, have surged by over 70%, reflecting heightened activity among major investors. These developments underscore a significant shift in market dynamics, with whales actively participating in a volatile environment.
RSI and MACD Hint at Further Downtrend
Technical indicators paint a challenging picture for Ethereum. The Relative Strength Index (RSI), which hovered around 50 before the sell-off, has dipped into the neutral zone, signaling growing selling pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows signs of a bearish crossover, hinting at the potential for further declines.
Photo: TradingView
On-chain data corroborates this sentiment, with trading volumes spiking around the whale’s sale. The ETH/DAI trading pair on Binance has seen a sharp increase in sell orders, causing a drop in market depth. This shallow depth could amplify price swings, creating uncertainty for both institutional and retail traders.
Despite the bearish technicals, derivatives traders appear optimistic. Over 82% of active contracts on Binance were long on Ethereum, suggesting confidence in a rebound.
Can Ethereum Recover amid 15% Weekly Drop?
The whale’s decision to offload such a significant portion of their Ethereum holdings has introduced fresh instability to the market. The sell-off has not only impacted Ethereum prices but also affected the broader market sentiment, as evidenced by the increased trading activity and declining market confidence.
Ethereum’s value at the time of writing stood at $3,108, reflecting a 4% drop in the past 24 hours and a 15% decline in the last week. While the cryptocurrency remains down 2.86% year-to-date, it contrasts sharply with a 46% overall market gain in 2024, further underscoring its current struggles.
Photo: CoinMarketCap
However, market observers note the potential for recovery in the mid-term. While the current sentiment leans bearish, shifts in broader market trends or macroeconomic factors could turn the tide in favor of cryptocurrency.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
