Last Night, Ethereum Price Was the Weakest Among the Top Ten Tokens
Last night, Ethereum price was the weakest performer among the top ten tokens, as a whale with a leveraged long position of 65,000 ETH seems to have almost entirely stopped loss after facing multiple near-liquidation events recently, deciding to give up resistance.
(Background: Ethereum fell below $1500, what does Vitalik think? Vitalik: I don’t look.)
(Additional Background: Ethereum has fallen back to five years ago! The “ETH/BTC” ratio broke 0.02, reaching a new low since 2020, and community FUD hasn’t stopped.)
Market Pressure Amid Declining U.S. Stocks
Last night (April 2), the cryptocurrency market encountered pressure again as U.S. stocks declined. Bitcoin dropped to a low of $78,462, while Ethereum dipped to $1,472, accurately triggering the stop-losses of those who had opened long positions following the previous day’s “temporary suspension of equivalent tariffs.” As of the time of this report, Ethereum was priced at $1,537, experiencing a 6.13% decline over the past 24 hours.
Whales Selling Off Ethereum
There are many potential reasons for Ethereum’s weakness. In addition to Synthetix selling 90% of its ETH due to the de-pegging of sUSD, several whales have also sold off significantly during the downturn…
According to on-chain data analyst Yu Jin, during last night’s market decline, a whale that held a long leveraged position of up to 65,000 ETH on March 11, after facing multiple forced liquidation events recently, appears to have decided to give up resistance and opted to clear their leveraged position through stop-loss selling:
This whale, who had already sold some ETH when facing liquidation, began selling off the majority of their Ethereum around 21:30 last night to repay loans, offloading 26,881 ETH at that time, leaving them with 11,600 ETH (approximately $18.26 million). Shortly after this operation, the whale sold another 9,000 ETH, leaving only 2,688 ETH, effectively completing their liquidation. (These two transactions resulted in a total sale of 35,881 ETH.)
Update:
The whale sold another 9,000 ETH in the past 20 minutes, converting it into 14.01 million USDT. It seems that this whale is not merely looking to unload leverage but is intent on clearing their position . In the past two hours, they have sold a total of 35,881 ETH for 56.05 million U, with an average selling price of $1562. They held 65,000 ETH on March 11… pic.twitter.com/KzaLiffsj7
— Yu Jin (@EmberCN) April 10, 2025
Another Whale Chooses to Sell
Furthermore, according to The Data Nerd’s monitoring, another whale who has held Ethereum for two years also deposited 2,300 ETH into the Kraken exchange last night. Two years ago, their average purchase price for ETH was $1,298, and if they sold now, their profit would only be around $600,000.
This 2-year-old $ETH holder deposited 2.3k $ETH (~$3.58M) into #Kraken. 2 years ago, he accumulated those $ETH at avg entry ~$1,298. If sold at current price, he only has profit ~$600k. Address: https://t.co/pYZh43NMyW pic.twitter.com/BTqq7fklyu
— The Data Nerd (@OnchainDataNerd) April 10, 2025
Why Are Whales Selling Ethereum Recently?
As the second-largest cryptocurrency, Ethereum has always been highly anticipated, with several institutions even predicting that ETH would soar to new highs of $10,000 this year. However, the overall performance of the cryptocurrency market has been weak recently, with Ethereum prices repeatedly hitting new lows. Some whales who may have built positions at lower prices earlier are now losing confidence and deciding to cash out.
Additionally, Ethereum’s fundamentals are also facing challenges, including slowing growth in active addresses, value diversion from Layer 2 solutions, and wavering confidence from institutional investors, all of which may prompt investors to reassess ETH’s value and shift towards more stable assets.
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