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Home»ALTCOIN NEWS»How BTC, ETH, and XRP were hit hard by panic selling
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How BTC, ETH, and XRP were hit hard by panic selling

By Crypto FlexsJanuary 4, 20243 Mins Read
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How BTC, ETH, and XRP were hit hard by panic selling
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  • Whale movements around major cryptocurrencies have caused confusion.
  • Retail interest in BTC eventually increased, but interest in ETH and XRP waned.

The recent surge in cryptocurrency prices, which signaled an optimistic period for the cryptocurrency sector, has been followed by a downward trend, and whales appear to be at the center of these market events.

whales move

Whale behavior has played a significant role in the decline of major cryptocurrencies. In particular, just before the market crash, one whale deposited 3,100 Bitcoin (BTC) worth $140 million into Binance (BNB).

The first 3,100 BTC withdrawn from HTX at $20,000 on October 6, 2022 resulted in a massive return of $78 million (+126%).

We found that the whale deposited 3,100. $BTC(USD 140 million) ~ #Binance Before the market crashed yesterday.

3,100 $BTC was withdrawn from #cooperative October 6, 2022 when the price was $20,000.

Revenue is ~$78M (+126%)! https://t.co/P3SxXKMWiZ pic.twitter.com/hQ7HbR0NCv

— Lookonchain (@lookonchain) January 4, 2024

However, not all whales experienced positive results. Data from Coinglass shows that $14.26 million worth of long-term orders are facing liquidation on Huobi.

A story about profit and loss

Despite these challenges, some whales saw falling prices as an opportunity. Following the BTC/ETH crash, two whale wallets strategically purchased Bitcoin (WBTC) and Ethereum (ETH) lapped at the market bottom.

For example, wallet 0x8B20 invested 1.5 million USD coins (USDC) to acquire 35.18 WBTC for $42,641 and used an additional 1.5 million USDC to purchase 674.18 ETH for $2,225.

Purchased 2 whale wallets after BTC/ETH crash $WBTC and $ETH At the bottom.

0x8B20 1.5 million consumed $USDC 35.18 Purchase $WBTC 1.5 million spent for $42,641 $USDC 674.18 purchases $ETH Price: $2,225. https://t.co/gKzuJwCPu8

0x4198 1.5 million consumed $USDC 35.12 Purchase $WBTC Spent $42,708… pic.twitter.com/ftmQKBbtXR

— Lookonchain (@lookonchain) January 3, 2024

This erratic whale behavior has raised concerns about the impact on both BTC and ETH. The unpredictable nature of whales causes volatility, influencing market sentiment and potentially contributing to further price movements.

Interestingly, despite the disruption caused by whales, retail interest in BTC has increased. However, if whales continue their bearish behavior, prices could fall further, which could have negative implications for these individual investors.

Source: Santiment

Conversely, retail interest in ETH has declined over the past few weeks. Nonetheless, the vulnerability of these individual investors to sudden whale movements has decreased.

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

Source: Santiment In addition to ETH, XRP has also struggled in the retail space. Recent data shows that retail interest in XRP has declined significantly at press time, with the price falling as much as 9%.


Read Bitcoin (BTC) Price Prediction for 2023-24


However, despite the decline in retail interest, there has been a notable surge in XRP trading volume, suggesting a potential disconnect between investor sentiment and trading activity.

Source: Santiment

At press time, BTC is trading at $42,544.09, down -1.13%. At the same time, the price of ETH was $2,222.61, representing a significant decline of -6.45% over the last 24 hours.

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