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Home»Bitcoin»How BTC, ETH and XRP fell victim to panic selling
Bitcoin

How BTC, ETH and XRP fell victim to panic selling

2024-01-04No Comments3 Mins Read
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How BTC, ETH and XRP fell victim to panic selling

  • Whale movements around major cryptocurrencies caused unrest.
  • Retail interest eventually grew for BTC, but declined for ETH and XRP.

The recent surge in cryptocurrency prices, which marked a period of optimism in the crypto sector, has taken a downturn, and whales appear to be at the center of these market events.

Whales make movements

Whales’ behavior played a major role in the demise of major cryptocurrencies. Remarkably, a whale has deposited a significant 3,100 Bitcoin [BTC] worth $140 million in Binance [BNB] just before the market crash.

The 3,100 BTC, which was initially withdrawn from HTX on October 6, 2022 for $20,000, resulted in a staggering profit of $78 million (+126%).

We noticed a whale dropping off 3,100 $BTC($140 million). #Binance yesterday before the market crashed.

The 3,100 $BTC was withdrawn #HTX on October 6, 2022, when the prize was $20,000.

Profits are ~$78 million (+126%)!https://t.co/P3SxXKMWiZ pic.twitter.com/hQ7HbR0NCv

— Lookonchain (@lookonchain) January 4, 2024

However, not all whales experienced positive results. Coinglass’ data showed that a long order worth $14.26 million would be liquidated by Huobi.

A story about wins and losses

Despite the challenges, some whales saw falling prices as an opportunity. After the BTC/ETH drop, two whale wallets strategically bought Wrapped Bitcoin [WBTC] and ether [ETH] at the bottom of the market.

For example, wallet 0x8B20 has 1.5 million USD coins invested [USDC] to acquire 35.18 WBTC for $42,641 and spend another 1.5 million USDC to purchase 674.18 ETH for $2,225.

After BTC/ETH plummeted, 2 whale wallets were purchased $WBTC And $ETH At the bottom.

0x8B20 spent 1.5 million $USDC buy 35.18 $WBTC for $42,641 and 1.5 million spent $USDC to buy 674.18 $ETH for $2,225.https://t.co/gKzuJwCPu8

0x4198 spent 1.5 million $USDC buy 35.12 $WBTC for $42,708 and spent… pic.twitter.com/ftmQKBbtXR

— Lookonchain (@lookonchain) January 3, 2024

This erratic whale behavior raised concerns about its impact on both BTC and ETH. The unpredictable nature of whales creates volatility, affects market sentiment and potentially contributes to further price fluctuations.

See also  Buying Bitcoinwalvissen while panic weak hands - is a market base nearby?

Interestingly, despite the turbulence caused by whales, retail interest in BTC had grown. However, if the whales continue their bearish behavior, the price could fall even further, which could negatively impact these retail investors.

Source: Santiment

On the contrary, retail interest in ETH has waned in recent weeks. Either way, the chances of these retail investors being vulnerable to sudden whale movements have diminished.

An exodus of both retail and whale investors could spell trouble for ETH in the future.

Source: SantimentIn addition to ETH, XRP also faced challenges in the retail space. Recent data indicated a significant drop in retail interest in XRP at the time of writing, accompanied by a notable 9% price drop.


Read Bitcoin’s [BTC] Price forecast 2023-24


However, despite waning retail interest, XRP trading volume saw a noticeable spike, indicating a potential disconnect between investor sentiment and trading activity.

Source: Santiment

At the time of writing, BTC was trading at $42,544.09, reflecting a decline of -1.13%. At the same time, ETH was priced at $2,222.61, indicating a substantial decline of -6.45% in the past 24 hours.



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BTC ETH fell panic Selling victim XRP
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