The crypto market is currently experiencing a significant price correction, leading many to believe that a market crash could be on the horizon. On September 30, 2024, a whale wallet address with the identifier “0xcDe” made a massive dump of $59.15 million worth of various cryptocurrencies on Binance, the largest cryptocurrency exchange globally. This information was reported by the on-chain transaction tracker, TheDataNerd.
The whale in question unloaded a staggering amount of cryptocurrencies, including 33.11 million USDT, 8,488 Ethereum (ETH) valued at $22.43 million, 7,348 Solana (SOL) worth $1.15 million, 33,000 Avalanche (AVAX) worth $946,000, and 1.5 million in FDUSD. This dump occurred right after the opening bell of the US stock market and prior to a speech by Jerome Powell.
This significant sell-off during a period of price correction has sparked concerns about a potential downturn in the market. The current sentiment in the market appears to be negative, with major cryptocurrencies like Bitcoin (BTC), Binance Coin (BNB), Solana (SOL), and Ethereum (ETH) experiencing price declines of over 3.5%, 4.5%, 2%, and 2.3% respectively in the last 24 hours.
The downward trend in prices has led to liquidations totaling nearly $200 million in both long and short positions over the past day, as reported by the on-chain analytics firm Coinglass. The largest single liquidation occurred on Binance in the BTC/USDT pair, amounting to $1.61 million.
Interestingly, the data from Coinglass indicates that bulls are bearing the brunt of this ongoing price decline. In the case of Bitcoin (BTC), long positions held by bulls saw liquidations totaling $42 million, while bears liquidated approximately $7.7 million in the same period.
Similarly, in Ethereum (ETH), bulls’ long positions were liquidated to the tune of $25 million, while short sellers liquidated $4.8 million within the same timeframe.
As the market continues to navigate through this period of volatility and uncertainty, investors and traders are advised to exercise caution and closely monitor the evolving situation to make informed decisions regarding their crypto holdings.