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>>Ethereum's price plummeted to $3,500, triggering a chaotic sell-off by hackers and opportunistic purchases by large investors.

Ethereum's price plummeted to $3,500, triggering a chaotic sell-off by hackers and opportunistic purchases by large investors.

crypthub

3 days ago

Ethereum Price Decline

Ethereum's value recently plummeted to a multi-month low of $3,500 before partially recovering to $3,850. The crash mirrors a similar event in 2017, with a stark difference being the rapid losses experienced by many alternative cryptocurrencies. Market behavior during this decline varied widely, ranging from mass selling to opportunistic buying. The price drop significantly impacted Bitmine Immersion, resulting in substantial paper losses.

Hacker Activity and Whale Accumulation

Data indicates that hackers sold off illicitly acquired Ethereum, incurring significant losses in the process. Despite the market downturn, whales and institutions displayed resilience, continuing to accumulate ETH. Large investors, including a wallet linked to Bitmine, withdrew substantial amounts of Ethereum from exchanges.

Ethereum Withdrawals from Exchanges

Investors are withdrawing Ethereum from centralized exchanges, a trend often viewed as a positive sign for the cryptocurrency. A substantial amount, approximately 230,000 ETH, has been removed from trading platforms within the last 48 hours. This withdrawal represents a value of nearly $900 million, potentially easing selling pressure.