- Bitcoin suffers a 10% loss in less than one week.
- Users accuse Vitalik Buterin of not believing in ETH as a store of value.
- Whales sell off crypto assets to avoid liquidation.
The crypto market has been experiencing a rough week, with Bitcoin leading the decline, falling 10% since Monday. Bitcoin’s most significant daily drop occurred on Tuesday when a flash crash sent its price plummeting from $63,236 to $58,090 in just three hours.
Coinglass, a cryptocurrency analysis platform, found that ETH traders lost over $100 million in liquidations, exceeding the $95 million in losses suffered by Bitcoin traders. An Altcoin Buzz YouTube host and crypto analyst highlighted that Ethereum’s price faced increased selling pressure from ETF investors and whales.
Meanwhile, the analyst noted that the selling pressure led to several crypto users accusing Ethereum co-founder Vitalik Buterin of not believing in ETH as a store of value. As of the time the analyst posted the video, Ethereum ETF had experienced a daily net outflow of up to $13.2 million, stretching the ETF’s negative streak to eight consecutive days of net outflows.
According to the analyst, a similar trend is occurring among investors in the crypto market, with several whales dumping ETH by depositing it on centralized exchanges. Citing Lookonchain’s data, the crypto analyst noted that a whale withdrew 5,088 ETH, equivalent to $17.24 million, from Binance and sold all his holdings for $13.58 million, resulting in a total loss of $3.66 million.
The recent crash leaves crypto traders wondering what the market might do next. Most investors are cautious, waiting to see how crypto prices will respond in the coming days. Technical analysts predict a crypto market rebound should Bitcoin reclaim the $61,000 level. Otherwise, the bearish trend may continue and push BTC below $50,000 for the first time since the August 5 market crash.
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