In the last 24 hours, the cryptocurrency market experienced a noticeable downturn, leading to a decrease of over 2% in the global crypto market value.

Ethereum (ETH) encountered a rapid decline of more than 15% within just five hours, plummeting to as low as $3,220. However, it swiftly bounced back, surging to a new high of $3,901.

Blur reports a correlation between the sharp rise in ETH price and a significant drop in Ethereum NFT prices. Blue-chip NFTs like BAYC, Pudgy Penguins, MAYC, and Azuki all saw declines exceeding 20% over the past week. Notably, over 70 BAYCs are now in liquidation status at the Blend auction.

According to Blur, due to the sharp rise in ETH price, Ethereum NFTs have experienced significant declines in ETH prices recently. Blue-chip NFTs such as BAYC, Pudgy Penguins, MAYC and Azuki have all fallen by more than 20% in the past week. More than 70 BAYCs are in liquidation…

— Wu Blockchain (@WuBlockchain) March 6, 2024

The open interest for $ETH also saw a decline of $967 million (-15%) amidst the market drop.

Following the market dip, a whale purchased 50.43 $WBTC ($3.22M) at $63,828 and 286 $ETH ($1M) at $3,502. This whale has accumulated a total of 812.48 $WBTC ($37.3M) at $45,903 and 11,186 $ETH ($28.06M) at $2,509, resulting in an unrealized profit exceeding $30M.

After the market dropped, the whale bought 50.43 $WBTC($3.22M) at $63,828 and 286 $ETH($1M) at $3,502 again.

He has bought a total of 812.48 $WBTC($37.3M) at $45,903 and 11,186 $ETH($28.06M) at $2,509, with an unrealized profit of more than $30M.

Address:… pic.twitter.com/4wqirIGTxs

— Lookonchain (@lookonchain) March 6, 2024

On-chain reports reveal the awakening of a gigantic whale, 0xd98, after three years of dormancy. The whale deposited 10K $ETH ($38.5M) to Bitfinex at $3,850 as the market began to recover. 

Previously, the whale withdrew 110K $ETH from Bitfinex at only $1,386 ($153M) on Jan 21, 2021, and currently retains 100K $ETH ($385M), indicating an estimated total profit of $270M (+177%).

The $ETH price has recovered beyond the pre-dump level at $3,865!

Gigantic whale 0xd98 woke up after 3 years of dormancy and deposited 10K $ETH ($38.5M) to #Bitfinex at $3,850 ~50 mins ago.

The whale withdrew 110K $ETH from #Bitfinex at only $1,386 ($153M) on Jan 21, 2021;

And… pic.twitter.com/e231NdqctJ

— Spot On Chain (@spotonchain) March 6, 2024

The recent market fluctuations underscore the inherent volatility of the cryptocurrency space. While significant price swings are common, they also present opportunities for traders and investors to capitalize on market movements. 

As the market continues to evolve, monitoring whale activity and on-chain data remains crucial for understanding market dynamics and making informed decisions in the crypto space.

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

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Image Source: fellowneko/123RF // Image Effects by Colorcinch

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