Ethereum has seen a decline over the past 24 hours. Hit by fresh selling pressure, the world’s second-largest crypto asset fell more than 8%. Despite its recent pressure, whales have become more intense on ETH.
The crypto market is still red with most crypto assets in decline. The downtrend of the collapse of the crypto exchange FTX intensifies. Most of the major crypto tokens saw their performance decline.
Notably, the broader crypto market is undergoing some corrections. The cumulative market capitalization has fallen nearly 5% over the past day.
Whales are piling up as Ethereum falls
According to data from whale alert, crypto whales are drawn to the new Ethereum price drop. As a result, they are aggressively hoarding Ether. The report stated that whales moved nearly 400,000 ETH from multiple crypto exchanges. This figure shows that more than $445 million has been transferred to many unknown wallets despite the price drop.
Whales moved about 300,000 ETH worth nearly $333 million from Upbit to multiple wallets. The whale tracker highlighted the largest transaction involving Upbit’s $129.1 million Ether price addition.
Additionally, the tracker noted a whale accumulation of 99.99K ETH from crypto exchange Bitfinex. The recorded transaction is worth approximately $12.4 million.
The recent attention and accumulation of whales comes as Ethereum has seen a massive drop in price. At the time of writing, ETH is hovering around $1132, indicating a decline of 1% in the last 24 hours. Additionally, the token has suffered a massive drop of more than 12% in value over the past seven days. Its market cap is now $137.57 billion.
Ethereum trading volume has skyrocketed to over $11.9 billion in the past 24 hours. It indicated an increase of more than 103% in a single day.
ETH Liquidation Reaches Nearly $40 Million
The liquidation records over the past day are quite high. According to data from Coinglass, approximately 66,704 traders have liquidated over $180 million of their positions in the crypto market in the past 24 hours.
Ethereum seems to take a more considerable liquidated value of the aggregate amount. The data highlighted that traders liquidated nearly $40 million worth of Ethereum. About 85% of the liquidated value comes from long positions.
Additionally, the past few weeks show that Ethereum is now underperforming Bitcoin. The leading crypto asset has seen a drop of around 4% in its price over the past 24 hours.
At press time, BTC is trading at $16,129, showing a slight recovery. But Ethereum fell twice the loss of BTC.
Featured image from Pixabay, chart from TradingView.com