Ethereum Drops 15% in Five Days as Whales Accumulate
The asset fell to the $2,100 range while major investors take advantage of the dip to buy on the spot market.
Ethereum has recorded a sharp decline over the past few days and reached multi-month lows. The asset traded near $2,070 during Monday's session.
Recent volatility was intensified by macroeconomic events and global market uncertainty. The price retreated after failed attempts to hold levels above $2,400 in previous weeks.
The downward move caused significant losses for investors using excessive leverage. A single liquidation on the Binance exchange reached $48.16 million in long positions.
On-chain data shows that one trader lost nearly $20 million in Ethereum long positions. The cumulative losses for this investor across two accounts exceed $44 million.
In contrast to the liquidations, large holders known as whales took advantage of the pullback to make purchases on the spot market. One investor used 22 million borrowed USDT to acquire 10,000 units of Ethereum.
Another market participant withdrew 3,500 tokens from Binance this morning. The total volume of withdrawals by this specific investor reached 16,577 units of Ethereum over the past week.
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