Altcoin
Here’s Why Ethereum Price Is Falling Today
A day after the successful launch of the spot Ethereum ETF, the Ethereum price has come under strong selling pressure cracking over 8% and tanking all the way to $3,150 levels. This has resulted in strong liquidation of the long positions of Ethereum in the last 24 hours.
Ethereum Liquidations Skyrocket
As per the data from Coinglass, the total Ethereum liquidations have surged past that of Bitcoin in the last 24 hours. The data shows that Ethereum liquidations currently stand at $97.8 million while Bitcoin liquidations are comparatively at $80.9 million.
Of the total ETH liquidations, $94.4 million have been the long liquidations with only 43.3 million in short liquidations. Interestingly, most of these liquidations have come in the past 4 hours with the Ethereum price facing huge selling pressure.
It seems that the approval of the spot Ethereum ETF has actually turned out to be a sell-the-news event similar to what we saw in the case of Bitcoin earlier this year in January. With the ETH price running up to $3,500 in July, investors seem to be finally cashing out the euphoria surrounding the ETF approval.
Also Read: Hashdex Files S-1 For Combined Spot Bitcoin and Ethereum ETF
Furthermore, on-chain data shows that a giant Ethereum whale has been offloading its coins on Wednesday, July 24. As per the data from Spot on Chain, a giant Ethereum whale minted $173 million in profit from ETH, while depositing 10,000 ETH on Kraken worth $34.2 million, just before the Ethereum price drop.
This whale had reportedly withdrawn 96,639 ETH from Coinbase from Coinbase at $1,580 in September 2022. Since March this year, the whale has moved nearly 40,000 ETH to Kraken. The whale still holds a remaining balance of 56,639 ETH valued at $188 million at the current ETH price.
A giant whale with a $173M profit from $ETH deposited 10K $ETH ($34.2M) to #Kraken 9 hours ago, just before the #Ethereum price plunged.
Notably, the whale:
➡️ withdrew 96,639 $ETH from #Coinbase at only ~$1,580 in Aug and Sep 2022;
➡️ has deposited 40K $ETH to Kraken at… pic.twitter.com/2GXNb3XtrO
— Spot On Chain (@spotonchain) July 25, 2024
Additionally, 10xResearch noted that the current Mt. Gox distributions are putting pressure on the broader crypto market.
“If this trend continues, crypto will need more help to rally. Ethereum might be the weakest link, where fundamentals (new users, revenues, etc.) have been stagnant or lower,” noted 10x Research.
Also Read: Kraken Exchange Under Fire As Some Mt Gox Creditors Complain
Is Ethereum Price Reversal Anytime Soon?
Popular crypto analyst Michael van de Poppe stated that the ETH price could see some reversal amid strong outflows from the Grayscale Ethereum Trust. ETH might see two weeks of downward movement before it resumes the rally to new all-time highs. As per the chart, Ethereum could be taking support around $3,150 before resuming upward gains.
If the markets copy the price action of the #Bitcoin ETF, then it’s likely that we’ll have a slight sell-off due to the outflows of the Grayscale trust.
One-two weeks for downward momentum, before the real surge of Ethereum towards a new all-time high. pic.twitter.com/fmjE7z7We9
— Michaël van de Poppe (@CryptoMichNL) July 24, 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Secret Network (SCRT) saw a remarkable 50% price rise today, driven by three key developments. The network’s inclusion in NVIDIA Inception, a program supporting innovative tech startups, signals growing confidence in its privacy-focused solutions.
Additionally, Binance’s SCRT perpetual contracts launch with high leverage has boosted market activity. Coupled with a dramatic rise in open interest across major exchanges, these factors are fueling increased investor interest and pushing SCRT to new highs.
Secret Network Joins NVIDIA Inception
Secret Network joined NVIDIA Inception, a program designed to support tech startups advancing AI and blockchain innovations. This collaboration provides the platform with access to AI training, expert resources, and venture networks, boosting its development capabilities.
The partnership enhances Secret Network’s Decentralized Confidential Computing (DeCC) solutions, enabling new privacy tools for Web3 applications. Lisa Loud, Executive Director, emphasized that this initiative will revolutionize how sensitive data is handled in blockchain environments.
Binance Launches SCRT Perpetual Contracts
Binance, one of the world’s top cryptocurrency exchanges, introduced USD-margined Secret Network perpetual contracts with up to 75x leverage. The listing on Binance had an immediate effect, with SCRT’s price soaring 55% as Binance extended its support. This surge highlights growing investor interest, raising questions about whether the rally will be sustained.
Moreover, this move boosts liquidity and builds investor confidence, enhancing Secret’s appeal in the market. As trading activity intensifies on Binance, SCRT adoption continues to grow.
Open Interest Jumps 1300%, Fueling SCRT Price Surge
Secret Network (SCRT) saw an impressive 1300% increase in open interest over the past 24 hours, according to Coinglass data, signaling heightened market activity. On Binance, open interest surged by over 905%, with other major exchanges like Bitget and Kraken also showing significant interest. This surge in demand has propelled SCRT’s price to new highs.
Moreover, SCRT is currently trading at $0.4765, up 50% in the last 24 hours and 134% over the past week. With a 24-hour low of $0.3313 and a high of $0.5488, along with a market cap of $138 million and $107 million in volume, the coin shows strong potential for continued growth.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In an unprecedented event, a dormant Ethereum whale caused a stir across the broader market on Friday, heavily dumping tokens amid the hovering bullish sentiment. Recent data pointed out that the whale dumped nearly $224 million worth of tokens, raising price drop concerns among crypto enthusiasts globally. Despite that, ETH price soared today, setting off waves of speculation over future movements across the industry.
Dormant Ethereum Whale Wakes Up To Sell, Investors Apprehensive
According to the latest data by Lookonchain, an Ethereum whale that was dormant for eight years was revived and started selling. According to the data, the whale used various addresses to sell a staggering $224 million worth of the abovementioned token.
Notably, this whale accumulated 398,889 ETH at around just $2.4 million between January 18 and March 10, 2016, at an average cost of $6 per token. Following eight years of dormancy, the whale revived on November 7, 2024, and commenced offloading.
Meanwhile, the whale has been recorded selling 73,356 ETH, worth $224.42 million, the latest data showed. This massive dump brought selling pressure to the asset. Besides, the colossal amount of Ethereum remaining with the whale has sparked speculations over his future moves.
On the other hand, it’s also noteworthy that the latest Whale Alert data indicated nearly 20.8 million ETH dumped to Coinbase. Although these dumps raised bearish market sentiments, the top crypto by market cap has defied usual trends to trade in the green territory.
ETH Price Soars Defying Selling Pressure
Despite the abovementioned selloffs, ETH price today traded dominantly in the green at $3,337, up 5% intraday. Its 24-hour low and high were $3,147 and $3,428.46, respectively. Intriguingly, the monthly chart for the token showcased 29% gains. This bullish trajectory has raised uncertain investor sentiments over the coin’s future movements.
Further, Coinglass data pointed out a 10% increase in Ethereum’s futures OI to $70.79 billion. Moreover, even the derivatives volume soared 63% to $70.79 billion. This data further points to a bullish scenario for the token, adding to market speculations amid massive selloffs.
Additionally, a recent CoinGape Media report spotlighted key indicators that signal further gains for Ethereum price. Considering these bullish trends and the recent rally in the crypto’s price, it appears that market watchers continue to remain optimistic about the asset despite the recent selloffs.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
One of the top Neiro Ethereum holders has surprisingly sparked bearish sentiments amid a bull market, heavily dumping the dog-themed meme token. Recent on-chain data pointed out that the 2nd largest holder of the token, Wintermute, took action to dump $3M worth of coins. This dump has raised substantial investor concerns, further solidified by the coin’s waning price movement amid a broader bull market.
Top Neiro Ethereum Holder Offloads Over 100M Coins
According to data by Arkham Intelligence, Wintermute deposited 35 million Neiro Ethereum tokens worth $3.08 million to Bybit over the past three days. Notably, the market maker remains the 2nd largest holder of the crypto, holding 10.9% of the total supply worth 108.95 million tokens.
Besides, it’s noteworthy that the same market maker totally withdrew 121.466M of the same token from Bybit before the abovementioned selloff to become the 2nd largest holder of this Shiba Inu dog breed-themed crypto. Nevertheless, despite the selloff weighing in, Wintermute is still the 2nd largest holder of the asset.
In light of this dynamic, market participants remain apprehensive as future selloffs by the top holder could negatively influence the renowned meme coin’s price movements. Meanwhile, despite a bullish sentiment over top meme coins, as witnessed by Dogecoin, Pepe coin, Bonk, and other tokens’ phenomenal gains, the Neiro Ethereum selloff has solidified market concerns.
Token Price Remains Volatile
At the time of reporting, NEIRO price traded near the flatline over the past 24 hours to rest at $0.079. The coin’s intraday low and high were $0.0753 and $0.08385, respectively. Notably, the weekly chart for the crypto showcased a 10% dip. This waning action has sparked severe market concerns in the wake of the abovementioned selloff.
However, a recent CoinGape Media report revealed that Neiro Ethereum has partnered with the market maker DWF Labs, adding investor intrigue on future price movements. Notably, another massive holder of the crypto is GSR Markets, a renowned market maker, holding 33.52 million tokens. Wintermute and GSR collectively hold 142.47 million tokens worth 14.25% of the total supply.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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