Bitcoin and Ethereum Face Pessimistic Sentiment Amidst Price Declines

Following a significant drop in the prices of Bitcoin and Ethereum over the weekend, sentiment toward the two leading cryptocurrencies has turned notably bearish.

Bitcoin plummeted to as low as $61.5K, while Ethereum dipped to $2,890, prompting a surge in negative sentiment among market observers.

Today, Ethereum witnessed a further decline of 2.5%, exacerbating concerns among investors. Adding to the apprehension, a notable whale who previously bought Ethereum at the bottom in September 2022 has resurfaced, appearing to capitalize on profit-taking opportunities.

The whale recently deposited 5,000 ETH to Kraken within the past day, showcasing a strategic move to capitalize on the cryptocurrency’s recent price movements.

This follows a prior transaction where the whale withdrew a substantial amount of 96,638 ETH (valued at $151.42 million at the time) from Coinbase at $1,567 between September 3 and September 7, 2022. 

With 76,638 ETH remaining, the whale has amassed a total profit of approximately $153.7 million, underscoring the lucrative nature of their trading strategy.

Celsius Recent Involvement In The Ethereum Market To Monitor 

Meanwhile, Celsius Network has made a significant return to the Ethereum market by depositing 8,091 ETH ($24.5 million) to Coinbase at an average price of around $3,022 just nine hours ago. This deposit marks their largest Ethereum transaction in the past three months, signaling renewed activity from the network. 

Previously, Celsius Network had facilitated sizable Ethereum movements totaling 847,626 ETH (approximately $1.90 billion) to various centralized exchanges (CEXs) between November 13, 2023, and January 31, 2024, purportedly for over-the-counter (OTC) deals.

As Bitcoin and Ethereum continue to navigate through uncertain market conditions, investors are closely monitoring whale activity and institutional movements for insights into future price trends.

Despite the current bearish sentiment, strategic maneuvers from prominent players suggest that opportunities for profit-taking and market participation remain prevalent in the cryptocurrency 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: promesaartstudio/123RF // Image Effects by Colorcinch


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