The cryptocurrency market started the day with a downturn as Bitcoin experienced a $4,000 drop, pulling back from $44,000 to $40,400. This retreat caused many altcoins to suffer double-digit percentage losses. The ‘altcoin king’ Ethereum (ETH) also fell to $2,200, and it was observed that ‘smart money’ began to move.
On-chain data provider Spot On Chain reported that ‘smart money’ has started to act for Ethereum. According to the report, a whale-level investor, who had made a profit of $16.25 million from their ETH investment and whose wallet address starts with 0xb15, deposited $55 million worth of Tether (USDT) to the Binance cryptocurrency exchange after today’s drop.
Spot On Chain suggests that the crypto whale plans to initiate a new round of ETH purchases on Binance by depositing a substantial amount of stablecoin. Additionally, it was detected that market maker firm DWF Labs withdrew 280 ETH worth $626,000 from the Bitfinex exchange just before noon.
According to CoinMarketCap data, ETH is currently trading at $2,243, representing a 4.42% decline over the last 24 hours. Along with the price drop, an increase in the trading volume of the altcoin king is also evident. Current data shows that ETH’s trading volume has increased by 61.92% in the last 24 hours, reaching $13.17 billion.
With the early hours’ drop, ETH has lost the gains of the last 7 days. Current data indicates that the price of the altcoin has seen a 0.55% loss over the past week.
