Ethereum- Mysterious Ethereum Transfers: 135,548 ETH Moved, Market Bleeds!
Ethereum– As the crypto market experiences massive turbulence, two long-dormant Ethereum whales have suddenly come back to life, moving a staggering 135,548 ETH to Bitfinex after remaining inactive since January 2019. Just hours after these transfers, the market suffered a sharp downturn.
Strategic Sell-Off or Mere Coincidence?
According to on-chain analytics platform Spot on Chain, the two wallets originally held ETH worth $20.8 million in 2019. However, had the owners sold their holdings at today’s price, they would have secured a massive 1,817% profit, amounting to approximately $378 million.
The first wallet (0xfdfe…06def3) deposited 77,736 ETH into Bitfinex just 11 hours before the market collapse, a transaction worth around $193 million.
The second wallet (0x693b…98dee8) followed with a 57,813 ETH transfer, valued at $144.3 million, just an hour later.
Both wallets now hold insignificant amounts of crypto, sparking a major debate in the crypto community. The big question remains: Was this a strategic dump ahead of the crash, or was it simply unfortunate timing?
ETH and BTC Plummet!
Shortly after these massive transfers, the market witnessed a significant crash:
- Ethereum (ETH) plunged to $2,250
- Bitcoin (BTC) briefly dipped below $92,000
- Over $2 billion in liquidations occurred within 24 hours
- $1.58 billion was wiped out from long positions alone
ETH has been one of the worst-performing major cryptos, declining 19.9% in the last 24 hours and 22.4% over the past week, underperforming the broader market, which saw an overall drop of 10.6%. In the past 30 days, ETH has declined by nearly 30%, though it remains 8.8% higher year-over-year.
Trump’s Tariffs Shake the Market
Analysts are pointing to Donald Trump’s newly announced trade tariffs as a major catalyst for the recent market turmoil.
On Saturday, Trump imposed a 25% tariff increase on Canadian and Mexican imports, along with a 10% hike on Chinese goods. This sparked fears of an escalating trade war, triggering panic selling across global markets.
In response, Canada, Mexico, and China introduced counter-tariffs on U.S. exports, further intensifying market uncertainty.
Former Binance China researcher Jinze warned that these tariffs could be the biggest macroeconomic threat of 2025, affecting both traditional and crypto markets.
Why Is Ethereum Dropping More Than the Market?
While the overall crypto market is down 10.6%, Ethereum has underperformed significantly with a 22.4% drop, raising concerns about large investors offloading their holdings.
With such a drastic sell-off, Ethereum’s future price action and the role of major investors will be closely watched. The big question remains—was this sell-off a sign of deeper market instability, or just a temporary setback?
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