The Situation of Short Selling Cryptocurrency on-chain in the Last 7 Hours
Reports from reputable sources indicate strong ETH sell-off activities
On June 22, data from blockchain trackers showed that a total of 3 addresses sold 5,657 ETH, equivalent to approximately 13.4 million USD, in the past 7 hours. All these positions were at a loss, with total losses reaching 1.928 million USD.
Highlighted among these positions are the large 'whales', demonstrating a strong distribution sentiment in the cryptocurrency market. Overall, large investors have taken profits or cut losses, reflecting the current price decline of ETH.
Whale Addresses and Selling Strategies
Large 'whales' gradually retreating from the ETH market
Whale 0xb1c…a108C
About 6 hours ago, this whale sold 1,440 ETH after holding for 6 months. The total transaction value reached approximately 3.45 million USD, sold at a price of 2,392 USD/ETH. The initial cost of this position was around 3,359.3 USD/ETH, resulting in a loss of 1.392 million USD. This action reflects a profit-taking sentiment ahead of ETH's unstable fluctuations.
Whale 0x4F1…6618B
This whale sold 2,716 ETH, averaging at a price of 2,301 USD/ETH, 3 hours ago. The value of this order is 6.25 million USD. This transaction took place from the short-term peak of ETH at 2,422.89 USD/ETH, achieved after 13 hours of buying. In just 10 hours, this position has lost about 330,000 USD.
Whale 'band since 2018' 0xF89…8AEfe
A long-term whale from 2018 has exited from 1,501 ETH bought at 2,529.95 USD/ETH on June 19. Currently, this position has been liquidated at an average price of 2,392.75 USD/ETH, losing about 206,000 USD. These activities indicate distribution from long-term strategic shareholders.
Analysis of ETH Market Trends and Future Predictions
The phenomenon of sell-offs as a reaction to cryptocurrency market fluctuations
The sell-off activities in the past 7 hours reflect the defensive sentiment of large investors, especially the 'whales' in the cryptocurrency community. This trend may warn of the potential for continued price declines of ETH in the short term, as buying power is insufficient to reverse the trend.
Moreover, analysts predict that selling pressure may persist, especially as macroeconomic factors and developments in the cryptocurrency industry continue to negatively affect market sentiment. Investors need to pay attention to technical support levels to take appropriate actions in the upcoming period.
Source: https://tintucbitcoin.com/ban-eth-7-gio-lo-gan-44-ty-usd/
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