Did the giant whale $ETH suddenly crash the market? $68.8 million in chips flowing to exchanges has caused quite a panic!
The giant whale 0xc156 just deposited 13,459 ETH into BN, while another giant whale 0x46DB deposited 5,504 ETH into OKX in the past 16 hours, with obvious short-term selling pressure signals.
This concentration of deposits may indicate that the giant whales are cautious about the short-term market and want to secure profits, or it could be a reallocation of funds to other targets, or a preemptive response to market sentiment and potential news changes.
The market is sensitive to the movements of giant whales, showing volatility, and there is a clear divergence in sentiment between the crypto world and traditional markets.
On the technical front, ETH is fluctuating in a critical range, with some buying support testing at lower levels, but the flow of funds is cautious, and the momentum of short-term moving averages is weakening.
The concentration of deposits by giant whales has released a short-term cautious signal, and large chips could indeed bring selling pressure; however, after this pressure is absorbed, the market may stabilize instead.
The key to the future lies in whether the selling pressure can be released steadily. If the support level holds, the market is likely to return to normal after sentiment recovery; if the support is breached, the duration of short-term fluctuations will extend.
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