Today's cryptocurrency market feels like a carefully orchestrated chess game, seemingly driven by a powerful force attempting to squeeze retail investors out of the game. Bitcoin (BTC) has started to rise, yet the market presents a strange dichotomy, with altcoins remaining stagnant and Ethereum (ETH) also experiencing a decline. Meanwhile, continuous selling news in the Ethereum market adds more uncertainty to the situation.
From on-chain data, the Ethereum Foundation's associated address has just sold 1,100 ETH, attracting market attention. As an early participant in the Ethereum ecosystem, Russell Verbeeten also deposited 444.653 ETH into Kraken 3 hours ago, an action that may hint at his cautious attitude towards Ethereum's future trajectory. Additionally, the RDNT hacker has cumulatively sold 3,603 ETH since yesterday, with their total assets nearly doubling, and the hacker's selling behavior undoubtedly intensifies market panic.
Moreover, a whale has partially taken profits from the Ethereum accumulated since last November, securing $7.6 million. An Ethereum ICO address has also deposited 2,283 ETH into a centralized exchange (CEX), valued at over $10 million, with a large amount of ETH flowing into trading platforms, increasing market selling pressure. A suspected HashKey Capital address has once again sold 7,300 ETH and has cumulatively sold 31,300 ETH recently, such a large-scale sell-off has impacted market confidence in Ethereum to a certain extent. Even the whale previously regarded as a bottom-fishing exemplar, "7 Siblings," has now sold 19,957 ETH. Although they still hold about 280,000 ETH, this reduction has sparked market speculation and concern.
In this scenario, the Bitcoin rally appears particularly suspicious. It is highly likely that the main forces are using Bitcoin's rise to trigger contract liquidations, followed by a pullback to achieve a dual profit from both sides. Retail investors undoubtedly face tremendous risks and challenges in this complex market game.