The timing of the whale’s resurfacing has caught the attention of many in the crypto space, as it coincides with a sharp downturn in the market. In just 24 hours, over $2.2 billion in liquidations were recorded, sending shockwaves across various cryptocurrencies. Ethereum was hit particularly hard, dropping more than 20% within a single day. The downward spiral caused approximately $480 million worth of ETH long positions to be liquidated, highlighting that ETH has faced a steeper decline compared to Bitcoin.

So, what triggered such a massive movement of funds? While it’s hard to pinpoint the exact cause, the broader economic landscape and regulatory concerns likely played a role. The sudden market plunge wasn’t just limited to Ethereum but affected a wide range of digital assets, exacerbating fears among traders. Additionally, it’s worth noting that a whale who shorted ETH with 50x leverage just before the crash is currently sitting on an unrealized profit of over $30 million.