Bitcoin and Ethereum Whales Sell At A Loss As Crypto Market Correction Bites Harder

The crypto market's squeeze continues, with assets recording double-digit exits. Bitcoin (BTC) and Ethereum's (ETH) outflows have shaped other assets

Crypto assets continue to face the heat with a total outflow of over $2 billion, leading to a market capitalization decrease of 3.8% to $3.19 trillion. Despite the downtrend, traders are expecting a surge following a slight recovery in hourly trading.

Closely tracking on-chain activities, BTC whales have recorded massive sales at a loss to minimize the impact of the market correction. Data from Lookonchain reveals large crypto and ETH holders have sold assets to minimize losses as the market correction intensifies.

The Bitcoin inflows into centralized exchanges and subsequent sales have seen the price drop below the $92,500 mark. This lower price now threatens the $90K support level at the beginning of the year.

The massive inflows into exchanges indicate possible sales, increasing the likelihood of further corrections. This week saw large whale BTC sales, mostly at a loss to avoid hefty liquidations.

On-chain data reveals that most retail holders sold assets after a correction below $95,000, leaving institutional traders buying the dip. However, massive sales were also recorded from institutional holdings, highlighting the poor weekly run-in of products.

BTC price is currently trading at $96,578, showing an 8% decrease over the last seven days. The crash in holdings highlighted a sharp drop in trader settlements, also impacting total volumes.

Meanwhile, ETH price slid to $3,215 at the last check as bulls attempted to maintain positions. This marks a significant 14% decrease since last week and a 3% drop today.

Ethereum’s decline comes amidst bearish sentiment in the crypto and decentralized (DeFi) market. With liquidations exceeding $500 million, ETH’s market capitalization now stands at $387 billion.

According to data from Lookonchain, there were massive whale offloads with large transfers to Binance. A single trader lost $1 million in three transactions while trying to adjust positions.

“Whales are dumping $ETH at a loss! 9 hours ago, 3 wallets(likely belonging to the same whale) sold 10,070 $ETH for 33M $DAI at $3,280, losing $1M. This whale withdrew 24,029 $ETH($81.3m) from #Binance via 10 new wallets 3 weeks ago and currently holds 13,959 $ETH($45.48M),” wrote Lookonchain.

The downtrend in Bitcoin and Ethereum has impacted altcoins and meme tokens. The broader market has recorded significant outflows, with some assets posting double-digit exits.