The cryptocurrency market witnessed a brutal sell-off, with Bitcoin ($BTC) and Ethereum ($ETH) prices dropping by 7% and 10%, respectively.

The carnage resulted in 87,405 traders being liquidated for a staggering $318.46 million in the past 24 hours.

The price of $BTC dropped by ~7% and $ETH dropped by ~10%!

87,405 traders were liquidated for $318.46M in the past 24 hours.

A whale was liquidated for $12.67M on an ETH/BTC long position.

Another whale was liquidated for $12.6M on a $BTC long position.… pic.twitter.com/9aObwOYjKv

— Lookonchain (@lookonchain) August 28, 2024

Whales were not spared, with two significant liquidations occurring – one for $12.67 million on an ETH/BTC long position and another for $12.6 million on a BTC long position.

Moreover, many whales are dumping ETH, with one exchanging 4,591.8 stETH for 4,589.5 ETH at a loss to avoid a lengthy withdrawal process, only to sell the entire amount on Binance.

Many whales are dumping $ETH!

This whale exchanged 4,591.8 $stETH directly for 4,589.5 $ETH at a loss of 2.3 $ETH($6K) to avoid the long withdrawal process.

He then deposited all 5,145 $ETH($13.3M) into #Binance for sale.https://t.co/ZaOjHPWH2Chttps://t.co/ZNVS1WCtY9 pic.twitter.com/MutJqBcxdp

— Lookonchain (@lookonchain) August 27, 2024

The Ethereum Foundation, known for selling near the top, deposited 35K ETH ($94.07M) on Kraken five days ago, which is now down 8.8%. Since January 1, 2021, the foundation has sold 239K ETH ($654M) and currently holds 273,542 ETH ($666M).

The #Ethereum Foundation deposited 35K $ETH($94.07M) at $2,688 to #Kraken 5 days ago, now at $2,450, down 8.8%!#Ethereum Foundation sold near the top again!

Since Jan 1, 2021, the #Ethereum Foundation has sold 239K $ETH($654M). pic.twitter.com/LQeRN5grOk

— Lookonchain (@lookonchain) August 28, 2024

Ethereum long liquidations surged to $55 million, while Bitcoin long liquidations hit $90 million, marking the highest levels since August 5th. Open Interest dropped by $2.2 billion as many traders were stopped out. The Ethereum spot ETF saw a net outflow of $3.4452 million, its ninth consecutive day of outflows.

The already fragile positions start to roll over.

Ethereum long liquidations surged to $55 million, and Bitcoin long liquidations hit $90 million, marking the highest levels since August 5th.

Additionally, many traders were stopped out, causing Open Interest to drop by $2.2… pic.twitter.com/THic07m0sn

— CryptoQuant.com (@cryptoquant_com) August 28, 2024

Grayscale ETF ETHE had a net outflow of $9.1798 million, while Fidelity ETF FETH and Bitwise ETF ETHW saw inflows of $3.8792 million and $1.8554 million, respectively.

On August 27, the total net outflow of Ethereum spot ETF was $3.4452 million, and it has been outflowing for nine consecutive days. Grayscale ETF ETHE had a net outflow of $9.1798 million in a single day, Fidelity ETF FETH had an inflow of $3.8792 million, and Bitwise ETF ETHW…

— Wu Blockchain (@WuBlockchain) August 28, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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mage Source: igorigorevich/123RF // Image Effects by Colorcinch

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