In a spectacle that would make a sailor blush, the titans of Ethereum are bailing water faster than a sinking ship. Spot Ethereum ETFs have reported a grand exodus, with a staggering $94.3 million vanishing into the digital ether. 🚀🌊
SoSoValue, the chronicler of crypto capers, reveals that the BlackRock behemoth led the charge with a $69.7 million retreat, while Fidelity and Grayscale followed suit, dragging their treasure chests to safer shores. Over the past week, a treasure trove worth $222 million has been abandoned. 🏴☠️💰
In this digital storm, ETH has taken a beating, dropping 5% in the last 24 hours. At press time, it’s trading at $2,340, while CoinGlass reports that the 24-hour liquidations have reached a whopping $127.93 million. Ethereum’s DeFi activity and liquidity are as weak as a kitten, with its total value locked sinking to $51.5 billion, the lowest since November 2024. 😿💧
Adding to the chaos, the Blockchain analytics firm Lookonchain has spotted two massive transactions that would make even the most seasoned pirate envious. One whale offloaded 8,074 ETH worth $19.63 million, while another parked 10,000 ETH worth $23.44 million in Binance’s digital vaults. It seems the big fish are swimming away. 🐋🏦
Whales are panic-selling $ETH! 🏃♂️🌊
0xc725…839d sold 8,074 $ETH($19.63M) at an average price of $2431 12 hours ago.
0x07Fe…A26D deposited 10,000 $ETH($23.44M) to #Binance in the past 2 days.
Address:
0xc725102508c2f7df5bdb5f8ea5242ae18b8a839d…— Lookonchain (@lookonchain) February 27, 2025
This digital gold rush to the exits coincides with the former US President Donald Trump’s threat to slap a 25% tariff on European imports, sending shockwaves through the crypto seas. 🌊🛳️🛡️
The Bybit hack, a heist worth $1.4 billion, has only added to the gloom. Analysts had hoped Bybit’s ETH shopping spree would buoy the market, but the selling pressure has proven too strong. 💔💸
Amidst the bearish fog, there are glimmers of hope. If the Securities and Exchange Commission gives the green light to staking for Ethereum ETFs, it might just be the life raft Ethereum needs. And the Pectra upgrade, set to launch on April 8, promises to improve the network’s scalability and efficiency, potentially luring new developers and investors like moths to a flame. 🔥🌟
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2025-02-27 10:19