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Ethereum whales sell $321 million in 60 seconds! Still, a tough battle remains
The cryptocurrency market is known for its unpredictability and sudden changes. And today’s events are no exception. According to the latest data from CryptoQuant, Ethereum’s Taker Sell Volume has surged significantly, with a staggering $321 million in sell volume recorded in just one minute. This unprecedented sell-off has been attributed to both whales and retailers contributing to the spike in volume.
While this event may seem like a decisive blow for bears, it is crucial to note that this battle far from over. In fact, the data suggests a stark divide between buyers and sellers at present. Ethereum’s Taker Sell Volume saw an unprecedented surge of $10.3 billion, indicating a massive increase in sell pressure across the board.
The numbers are nothing short of astonishing. For instance, Large Holders Netflow, which gauges selling activity from significant ETH holders, revealed that whales sold 519k ETH while buyers bought 471k ETH, resulting in a net negative flow of -48.75k ETH. This data indicates an overwhelming sentiment towards profit-taking and/or loss-cutting.
What’s more astounding is the pace at which this sell-off occurred. To put it into perspective, Ethereum saw a massive $10.3 billion in Taker Sell Volume before cooling off to $839.6 million. That’s a difference of over 87% in just a short period.
Source: ambcrypto.com
