- Lookonchain shared on Twitter that BlockTower Capital sold thousands of ETH in a panic after the market crash.
- On the other hand, some whales took advantage of the discounted ETH price to stock up.
- ETH saw its price drop by 6+% over the past day, which left it trading hands at $1,689.91.
BlockTower Capital deposited 5k Ethereum (ETH), worth more than $8 million, to Coinbase (NASDAQ:COIN) in a panic after the market crashed, according to a Twitter post shared by analytics platform Lookonchain. Meanwhile, two other whales grabbed the opportunity to buy discounted ETH and bought tokens worth more than $9 million in total.
1/ After the market crashed, BlockTower Capital panicky deposited 5K $ETH ($8.4M) to Coinbase.https://t.co/8xgOWrI1yABut the other 2 whales bought a total of 5,631 $ETH ($9.5M) from the bottom.Are you bullish or bearish? pic.twitter.com/xmBC5yFO4Z— Lookonchain (@lookonchain) August 18, 2023
One whale deposited 3,998 ETH, valued at $6.72 million, to Compound and borrowed $5 million in stablecoins. After this, the whale bought 3,027 ETH at a price of $1,652. The other whale has become notorious for buying ETH low and selling high. Lookonchain data indicates that this whale bought a total of 22.6K ETH, which was worth $38.2 million, from Binance since June of this year. In the whale’s latest transaction, he deposited 4 million USDC to Binance and withdrew 2,604 ETH after the market crashed.
The bloodbath in the cryptocurrency market that occurred over the past day did not leave many victims unscathed, and the same can be said for ETH. Data from CoinMarketCap indicated that the altcoin leader saw its price drop by 6.03% over the past 24 hours. This left ETH trading at $1,689.91.
With regards to the Bitcoin (BTC) to ETH conversion rate, CoinMarketCap also indicated that ETH’s price drop caused it to weaken against BTC by 7.35%. On the other hand, ETH’s intraday volume spiked by 186% throughout the past day. As a result, the cryptocurrency’s volume stood at around $15.77 billion at press time.
ETH’s weekly performance was also greatly impacted by the crash in the market as it was down by 8+%. The altcoin’s market cap also experienced a 5% drop, which left it standing at $203.35 billion. After reaching its all-time high of $4,891.70 in November of 2021, the price of ETH has decreased by 65+% to trade at its current level.
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