Ethereum

Million

April

Billion

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 <p>The crypto market noted one of its deepest declines of 2023 a few hours ago. Bitcoin and Ethereum dropped by more than 7% each, bringing down their respective market caps to $515 billion and $202 billion, respectively. However, a particular whale shrewdly sold its assets right before the crash and shielded itself.</p> 
 <p>A recent <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> by Lookonchain revealed that the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> dumped 22,241 <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> worth $41 million before the flash <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a>. The sale was not profitable. He lost $1.7 million. However, enduring the loss helped him successfully dodge the market <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a>. The on-chain analytics platform pointed out that the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> could perhaps buy back assets at a much cheaper price going forward.</p> 
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   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp" alt="" class="wp-image-107472" style="width: 100%;height:270px" width="522" height="270" srcset="https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 1024w, https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 300w, https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 768w, https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 1536w, https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 380w, https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 550w, https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 800w, https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 1160w, https://cdn.thebittimes.com/images/2023/08/18/f60aa152dc4d669b660ff72f5f8fec12.webp 1920w" sizes="(max-width: 522px) 100vw, 522px"> 
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     Source: Lookonchain 
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 <p><strong>Also Read: $1 Billion Wiped Out Of Crypto Market Amid Bitcoin, Ethereum Crash</strong></p> 
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 <p>Alongside, the Coinbase premium for BTC has risen by 3%. This could mean that Coinbase <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>s have already started buying the dip. Contrarily, the rise could also be because of a <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> entity dump initiated on Binance. </p> 
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    <p lang="en" dir="ltr">$BTC price premium on Coinbase up +3%. <br><br>It's either: 1. Some <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> entity dumped BTC on Binance or 2. Coinbase <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>s are buying the dip.https://t.co/CBvH58cfIG pic.twitter.com/ogRDBIgSNw</p>— Ki Young Ju (@ki_young_ju) August 17, 2023 
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 <p><strong>Also Read:&nbsp;Coinbase: Base Scammers Earn $2 Million Profit From 500 Scam Tokens</strong></p> 
 <p>As far as the intensity of bearishness is concerned, the Bitcoin OI-weighted funding rate is below -0.01% for the first time since March 12, 2023. Ethereum’s rate was lower and flashed a value of -0.0273 at press time. </p> 
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    <p lang="en" dir="ltr">For the first time since March 12 this year, the #Bitcoin OI-weighted funding rate is below -0.01%https://t.co/iyLrhuoty0 pic.twitter.com/aqvGmTZsvb</p>— CoinGlass (@coinglass_com) August 18, 2023 
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 <p><strong>Also Read:&nbsp;Can Bitcoin Realistically Cross $150,000-$180,000?</strong></p> 
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 <h3 class="wp-block-heading" id="h-buy-the-dip-calls-rise-to-4-month-high">Buy the Dip Calls Rise to 4 Month High</h3> 
 <p>Bearish conditions are usually considered an ideal time to accumulate assets because of their discounted value. Currently, nearly 1% of all <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> discussions on social media platforms are related to buying the dip. This is the largest proportion registered since April 2023, likely indicating that investors are looking to add more <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets to their portfolios at the moment.</p> 
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  <img decoding="async" width="835" height="424" src="https://cdn.thebittimes.com/images/2023/08/18/370d2ed869e513ca87de6e2f2ace2864.webp" alt="" class="wp-image-107473" srcset="https://cdn.thebittimes.com/images/2023/08/18/370d2ed869e513ca87de6e2f2ace2864.webp 835w, https://cdn.thebittimes.com/images/2023/08/18/370d2ed869e513ca87de6e2f2ace2864.webp 300w, https://cdn.thebittimes.com/images/2023/08/18/370d2ed869e513ca87de6e2f2ace2864.webp 768w, https://cdn.thebittimes.com/images/2023/08/18/370d2ed869e513ca87de6e2f2ace2864.webp 380w, https://cdn.thebittimes.com/images/2023/08/18/370d2ed869e513ca87de6e2f2ace2864.webp 550w, https://cdn.thebittimes.com/images/2023/08/18/370d2ed869e513ca87de6e2f2ace2864.webp 800w" sizes="(max-width: 835px) 100vw, 835px"> 
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    Source: Santiment 
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 <p><strong>Also Read:&nbsp;1005 ‘Virgin’ Bitcoins Moved After 13 Years: Is Satoshi Back?</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>btc</li> 
  <li>buy the dip</li> 
  <li>crash</li> 
  <li>crypto</li> 
  <li>ETH</li> 
  <li>ethereum</li> 
  <li>whale</li> 
 </ul> 
</div>

Ethereum: Whale Dumped $41 Million ETH Before Crypto Market Crash

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