The recent tumultuous downturn in the cryptocurrency market, which saw Ethereum’s (ETH) value plunge over 10% within a few hours, had a considerable impact on both small-scale investors and the so-called “whales” – individuals or entities that own significant amounts of digital currencies. One Ethereum whale, in particular, faced a staggering $106 million liquidation following the sharp price drop on Sunday evening. The severe decline saw ETH tumble from above $1,800 to around $1,500, as reported by blockchain data analytics platform Lookonchain.
This dramatic drop was part of a broader sell-off in the cryptocurrency market, which also affected other major digital currencies, including Bitcoin (BTC), Ripple (XRP), and Binance Coin (BNB), driven by bearish sentiment following President Trump’s announcement of aggressive tariffs. Bitcoin, for instance, fell below the $78,000 mark, marking a significant retreat from its recent high.
It wasn’t just Ethereum and Bitcoin feeling the heat, though. The total market capitalization of all cryptocurrencies also saw a significant reduction, falling approximately 8% to settle at around $2.6 trillion. Other notable digital currencies, such as XRP, BNB, Solana, Dogecoin, and Cardano, all experienced drops of up to 11%, with TRON showing relatively smaller losses at 2%.
The current bearish market conditions pushed the ETH/BTC trading pair to its lowest level since March 2020, dipping to 0.021 on April 6. Amid the market turbulence, Lookonchain reported that another investor panic-sold 14,014 ETH, worth approximately $22 million.
However, not all market participants are reacting to the downturn with panic. Some whales, for instance, are seizing the opportunity to buy the dip and accumulate more ETH. A whale identified as “7 Siblings” recently purchased 24,817 ETH, worth around $42 million, raising their total holdings to over 1.2 million ETH, currently valued at approximately $1.9 billion. Since February 3, this investor has reportedly spent almost $230 million to buy 103,543 ETH, although they’re currently facing a loss of $64 million on their accumulated coins.
A report by IntoTheBlock earlier this week revealed that whales accumulated 130,000 ETH on Thursday when the crypto asset dipped below $1,800 in the first trading session following the tariff announcement. Despite the current market turbulence, these actions by significant players illustrate that many still view Ethereum as a valuable long-term investment.
