Ethereum big dump 10% lost the $3300 support! Whale Cut Loss nearly 50,000 ETH to repay on-chain debt

In today's market big dump, a Whale was forced to transfer nearly 50,000 ETH to coin安 for dumping in order to repay on-chain debts, and exchanged stable coins to supplement the debts on-chain. (Background: Senior Ethereum developer switches to Solana: frustrated with Ethereum; community fires back: SOL is just a paper tiger with deep pockets.) The Federal Reserve (Fed) announced yesterday (20th) that it is expected to cut interest rates next year after Chairman Powell announced: 'The stock market and the crypto market are showing a downward trend.' The current big dump seems to be continuing, with BTC falling from a high of $102,800 at 22:30 last night to a low of $95,700 early this morning, a fall of up to 7%; Ethereum also fluctuated down from a high of $3,700 last night, reaching a low of $3,283 at the time of writing, a drop of over 10%. Whale dumping nearly 50,000 ETH to repay debts In this wave of crypto market slaughter, a Whale was forced to dump a large amount of ETH to repay on-chain debts, and is believed to be. According to Lookonchain monitoring, a Whale deposited 22,746 ETH (worth about $77.33 million) into coin安 this morning, and withdrew a total of about $57.82 million USDT from coin安 to repay debts on Decentralized Finance protocols Spark and Aave. According to observations from another source, this Whale deposited another 27,000 ETH (worth about $91.8 million) into coin安 within the last 3 hours, and withdrew 80 million USDT back on-chain from coin安. Is this Whale the culprit of Ethereum's big dump? On the other hand, in the continuous downturn of the market, Ethereum's drop (-7.95%) is significantly larger than that of BTC (-3.64%), XRP (-3.74%), BNB (-3.87%) and other Mainstream Tokens. So could this Whale possibly be the mastermind behind the big dump? Looking solely at market volume, coin安's ETH volume in the past 24 hours is $3.84 billion, but judging from the stable coins withdrawn by the Whale, the Whale did not dump all the ETH transferred to the exchange. Therefore, the author speculates that this Whale may have only sold $173 million worth of ETH, and this volume accounts for 4.5% of coin安's trading volume in the past 24 hours, which will surely affect the market. Furthermore, if we look at the time when this Whale's Address transferred ETH to coin安 and withdrew stable coins back on-chain, we can judge whether there was a significant downturn during this period. The author summarizes as follows: The first sale took place from 6:51 to 8:13 in the morning, during which Ethereum fell from a high of $3465 to $3400, a drop of 1.9%. The second sale took place from 9:36 to 12:22 in the morning, during which Ethereum fell from a high of $3465 to $3402, a drop of 1.9%. From the price chart, although not all of the drop during this period is caused by the Whale, it still has a certain influence. The author speculates that the Whale may have adopted a gradual dumping strategy to avoid an excessive downturn in ETH prices. Related reports: ETH hits $4100, reaching a 3-year high! Analyst: Expected to break $5000 next year, Ethereum ETF opening stake is key. Unfazed by IMF restrictions: El Salvador rarely increases the position by 11 BTC, will the BTC purchase plan accelerate? BTC Long Wick Candle: Curve founder CRV gets liquidated, Ethereum gas fees soar, trading costs 45U 〈Ethereum big dump10% fails to hold 3300 USD! Whale Cut Loss nearly 50,000 ETH to repay on-chain debts〉This article was first published in BlockTempo, the most influential blockchain news media in Motion.