Altcoin
Ethereum Price Jumps 2% As Whales Move $6.9M Worth of ETH, What’s Next?
![](https://coin2049.io/wp-content/uploads/2024/05/1716643524_ETH-WHALE.jpg)
Recently, a significant transaction involving Ethereum (ETH) was reported by Onchaindata. A whale withdrew 1,600 ETH, worth approximately $6.2 million, from Bybit and Cooper accounts. This notable movement was complemented by a second transaction involving $740,000 worth of ETH. These substantial transfers have caught the attention of the cryptocurrency community, raising questions about their potential impact on the market and the motives behind such large-scale movements.
ETH Whale Accumulation Driving Price Action
In the last few hours, there has been notable activity by Fasanara Capital, an investment fund based in England. The fund executed a massive transaction, transferring 1,600 ETH valued at over $6.2 million from Bybit and Cooper. Following this transaction, Fasanara Capital retains 5,383 ETH, worth approximately $20.16 million, in their wallets. Another significant movement involved an address associated with the Ethereum Foundation, 0x9d2…C43B1, which transferred 200 ETH to Kraken, worth $740,000.
This address was reactivated for the first time since April 28 after being dormant for six years, having initially received 2000 ETH from the Ethereum Foundation in 2015. Currently, it holds 1,029 ETH. These transactions have fueled speculation among ETH holders about the potential influence of whales on the recent price surge. The broader cryptocurrency bull market and the buzz surrounding Ethereum ETF approval have also contributed to the rally, pushing ETH above $3,700.
Also Read: Ripple CTO Unveils Game-Changing Tokenization Perks, Here’s Why It Matters
ETH Price Jumps Over 2%
The price of Ethereum (ETH) has experienced a notable increase, reaching $3,754.99 today. This represents a 1.56% price increase over the last 24 hours and a significant 19.50% increase over the past seven days. Ethereum’s 24-hour trading volume stands at $13.9 billion, with a circulating supply of 120 million ETH, resulting in a market capitalization of $451 billion.
Additionally, the open interest of the Ethereum (ETH) has surged by 2.95% in the past 24 hours, reaching a valuation of $12.1 billion. The Relative Strength Index (RSI) indicates bullish pressure, standing above the 50 level at 51.48 at the time of writing. These indicators suggest a continued upward momentum for Ethereum in the near term.
Also Read: Bitcoin Price To Hit $1 Mln, Strike CEO Jack Mallers Unveils Potential Timeline
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.
Altcoin
Pepe Coin Correction Prompts Over 1 Tln PEPE Dump, Bull Run Over?
![](https://coin2049.io/wp-content/uploads/2024/05/PEPE-Meme-Coin.webp.webp)
In an unprecedented turn of events, Pepe coin has raised severe investor concerns by showing signs of a price correction today, July 5. Recent on-chain data indicated that over 1 trillion PEPE was dumped to exchanges amid a nearly 12% dip in the value of the frog-themed meme coin.
The emergence of these massive dumps amid a bearish crypto market has made market sentiments take a paradigm shift. Notably, speculations that Pepe coin has potentially topped have pushed traders and investors onto a hot seat, further aligning with the massive exchange dump.
So, let’s dive deeper into the current market stats of the third-largest meme coin by market and what it indicates for future price movements.
Colossal Exchange Dumps Ignite Bearish Sentiments
According to the on-chain data offered by ‘The Data Nerd,’ a transaction tracker, $1.02 trillion PEPE was collectively dumped to a crypto exchange by two whales today.
The whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading CEXs. If sold at the current price, the whale will suffer a loss of $1.21 million.
Simultaneously, the market maker Wintermute deposited and sold a whopping 593.6 billion PEPE for $4.61 million. This massive selloff has presented Pepe coin with increased selling pressure.
Collectively, these massive transfers to exchanges have stirred a whirlpool of bearish market sentiments, underscoring loss in the market’s confidence surrounding the asset’s future potential.
Meanwhile, Pepe coin continued to trade dominantly in the red territory.
Also Read: Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why
PEPE Price Plummets
At press time, PEPE’s price saw a 12.03% dip in value to $0.000008304. It’s 24-hour bottoms and tops are $0.000007724 and $0.00000963, respectively. The weekly crash, a fall of nearly 33%, saw PEPE regaining a zero in its value after shedding it amid this year’s bull cycle. This momentum has pushed the token to take a bearish stage.
It’s worth mentioning that while this price drop aligns with the broader market trend, Pepe coin has surged unprecedently amid this year’s bull cycle, defying broader market trends and sentiments. This could mean that Pepe coin’s long-due correction has finally taken place.
However, CoinGape Media spotlighted PEPE’s nearest resistance point at $0.000009, hinting that a potential market recovery could witness PEPE scaling this level, paving the road for further gains.
Collectively, the abovementioned data hints at uncertain market sentiments over the future price action of the frog-themed meme coin.
Also, the RSI rested around 31, hinting that further downside pressure might propel an entry into the oversold territory. Should this happen, chances are Pepe coin could witness a potential price rebound.
Nonetheless, crypto market participants extensively eye the token for further price shifts, given the volatility of the crypto realm.
Also Read: Coinbase, MicroStrategy & Bitcoin Miners Stocks Extend Losses Ahead US Job Data
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.
Altcoin
Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level
![](https://coin2049.io/wp-content/uploads/2024/05/xrp222.jpg)
In the background of the crypto market’s bearish movement today, a renowned XRP whale has continued selling significant amounts of XRP. Notably, on-chain insights by Whale Alert reveal nearly 71 million coins dumped to exchanges over the past day, setting off discussions surrounding XRP’s future price action across the crypto industry.
XRP price currently takes the heat of the broader crypto market trend, slipping as low as the $0.39 price level. So, let’s gauge in on the market statistics for Ripple-backed asset.
On-Chain Data Flags Whale Dumps
According to data by Whale Alert, 70.9 million XRP, worth $31.29 million, was shifted to two exchanges in a couple of transactions. As per the data, the whale address, …Rzn, was recorded as shifting the abovementioned amount.
…Rzn shifted 35.8 million coins, worth $15.80 million, to Bitso, a Mexico City-based CEX. Simultaneously, it transferred 35.1 million coins, worth $15.49 million, to Bitstamp, a Luxembourg city-based CEX.
These dumps have presented XRP with increased selling pressure amid a bearish market, causing further downside pressure on the asset. Intriguingly, CoinGape Media earlier reported that the same whale address has been repeatedly dumping XRP into the Bitstamp & Bitso crypto exchanges. Aligning with this, a negative market sentiment sparked by the whale dump engulfs XRP.
Meanwhile, despite Ripple rolling out upgrades for the network and strengthening its case against the U.S. SEC, the native token, XRP, has continued its sluggish movement.
Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
XRP Price Correction?
At press time, the XRP price chart showed a 10.15% dip in value to trade at $0.4056. Its 24-hour lows and highs were $0.3977 and $0.4532, respectively.
Intriguingly, in a post by the crypto market analyst Dark Defender today, it was brought to attention that the $0.39 price level serves as POC (Point of Control). This is where most trades have taken place since 2014, making it a vital support as of the current trajectory.
Whereas, after consolidating over the past week, the crypto tanked forming resistance at $0.42. The RSI was moving along 22, signaled an oversold territory for the asset. This could mean a potential price rebound ahead as the market recovers.
Also, pro-XRP lawyer Bill Morgan took to X today, spotlighting his XRP purchase with a strategic buy-the-dip sentiment. This has added to optimism on a price rebound ahead.
Also Read: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent?
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.
Altcoin
Over 18000 Bitcoin Options to Expire, Real Panic Selloff Isn’t Even Here Yet
![](https://coin2049.io/wp-content/uploads/2024/07/Crypto-Market-Crash2-1.jpg)
Bitcoin bears took control over bulls as investors panicked to sell BTC holdings amid Mt. Gox, US government and German government moves Bitcoin. BTC price has hit a low of $53,400, a fall to February levels. Bitcoin and Ethereum options expiry today to put further pressure on the crypto market as on-chain data indicate the real panic hasn’t started yet.
Bitcoin and Ethereum Set to Expire Today
The crypto market crash saw the global crypto market cap tumble by more than 13% in 48 hours, causing investors to over 250 billion.
Over 18,300 BTC options of notional value $1 billion are set to expire on Deribit, with a put-call ratio of 0.65. The max pain is at $61,500, sliding from $63,500 as Bitcoin remains under selling pressure. BTC price fell below $55k support and risks falling to $52k support if it fails to rebound.
Notably, the put/call ratio in the last 24 hours is 0.88 as put bets rose significantly in the crypto market crash. The 24-hour put volume is above 19,552 and the 24-hour call volume is near 22,088. Also, Historical Volatility and BTC Volatility Index (DVOL) witnessed a sharp 10% rise surge. This indicates options traders have turned highly bearish on Bitcoin.
Meanwhile, 163,170 ETH options of notional value $472 million are set to expire. The put-call ratio is 0.35 and the max pain price is $3,350, indicating massive losses for traders as ETH price fell below $2,890. In the last 24 hours, the put volume has increased to 98,643 and call volume remained higher at 126,788. The put-call ratio is 0.78.
![Ethereum Options Expiry](https://coingape.com/wp-content/uploads/2024/07/deribit-metrics-8-1224x612.png)
![Ethereum Options Expiry](https://coingape.com/wp-content/uploads/2024/07/deribit-metrics-8-1224x612.png)
$700 Million Liquidated From Crypto Market
According to a CryptoQuant verified on-chain analyst, the real panic hasn’t even started yet. He predicts it will start when orange bars appear on BTC Daily Realized Profit Loss Ratio 30DMA metric. “In the current situation, 47K doesn’t look as terrible as it did three weeks ago when we were at 70K,” he added.
The crypto market saw over $700 million in crypto liquidations, as per Coinglass data. Over 235k traders were liquidated, with the largest single liquidation order on crypto exchange Binance valued at $18.48 million as someone sold ETH.
The crypto market bleeds as over $600 million in long positions and $100 million in short positions were liquidated over the last 24 hours. Along with top altcoins, major liquidations were observed in PEPE, PEOPLE, ORDI, WLD, LTC, FIL, ADA, BCH, and others.
![Crypto Market Liquidations](https://coingape.com/wp-content/uploads/2024/07/screenshot-www.coinglass.com-2024.07.05-10_19_52-1224x335.jpg)
![Crypto Market Liquidations](https://coingape.com/wp-content/uploads/2024/07/screenshot-www.coinglass.com-2024.07.05-10_19_52-1224x335.jpg)
Beleaguered crypto exchange Mt. Gox has started $10 billion in BTC and BCH repayments, as per an official announcement on July 5. According to Arkham, Mt. Gox moved 47.229k BTC worth $2.97 billion today.
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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