Selling pressure on Bitcoin and altcoins continues. $BTC has fallen below $70,000 for the first time in months, while altcoins, particularly Ethereum, have also seen sharp declines.
Bitcoin has fallen 8.8% over the past week to $69,000, Ethereum has dropped 12.5% to $1,950, XRP has fallen 14.2% to $1.02, and Solana has declined 10% to $80.
As market activity continued following the declines, transfers by whale wallets also drew attention.
According to Lookonchain, a wallet linked to the Ethereum Foundation initially made a large sale as Ethereum fell below $2,000. Specifically, the wallet at “0x5CBC” sold 2,000 $ETH, worth $3.87 million.
The account has reportedly been selling since October 12th, with the price falling each time it sells $ETH. “On October 12th, they sold, $ETH dropped by 9%; on October 26th, $ETH dropped by 7.7%; on November 10th, $ETH dropped by 10.4%; and finally, today was the 4th sale.”
An anonymous whale with an address beginning 0xBE4 also sold 16,700 $ETH, worth $32.3 million, in a single transaction. Lookonchain noted that about a month ago, the address bought 8,631 $ETH for $23.7 million at $2,749 amid FOMO, and described it as a victim of the “buy high, sell low” tactic.
Another whale, with a 100% win rate, “0xe813,” is now down $7.3 million on its long $ETH position. According to Lookonchain, the whale won all of its previous 10 trades, making $6.32 million in profit. This trade alone erased those gains, leaving it with an overall loss.
Lookonchain recently reported that hackers also panicked and sold $ETH during the market crash. It said one wallet bought 1,500 $ETH from Tornado Cash and then sold 1,499 $ETH at $1,998.
Lookonchain reported that whales were being liquidated one after another as the market crashed. Four whales were liquidated, each losing more than $10 million, and positions worth a total of $143.89 million were wiped out.
“Wallet 0x6046: 12,742 $ETH ($25.2M) and 536.89 $BTC ($38.77M)
Wallet 0x01e2: 511 $BTC ($36.4M)
Wallet 0x5f91: 357.09 $BTC ($25.15M)
Wallet 0x4a20: 112,176 SOL ($9M), 82.66 $BTC ($5.85M) and 1,771.2 $ETH ($3.52M)”
The market downturn also hurt Tron founder Justin Sun. The unrealized profit on his $PEPE position fell to $5.048 million. Specifically, the cryptocurrency market crash over the past two days reduced Sun’s unrealized profit on $PEPE holdings from a peak of $18.55 million to $5.048 million.
*This is not investment advice.
