Amid a bearishmarket,Ethereum-basedaltcoins AAVE and LDO experience significantsell-offs,resulting in substantiallosses.
Points
- Ethereum-basedaltcoinsAAVEandLDOfacemassivesell-offs.
- AwhaledumpedmillionsworthofLDOandAAVEonBinance.
- ThemarketdownturncoincideswiththeUSSECpostponingtheEtherETFlaunch.
In this ongoing bearish marketsentiment,today on July3,2024,the overall cryptocurrency market experienced a massive downsidemove.Amid thisdownturn,Ethereum-basedaltcoins including Lido DAO（LDO）,Aave（AAVE）,Uniswap（UNI）,and many others experienced a sharpdecline.
WhaleDumpMillionsofLDO,AAVE
However,this sharp decline was caused by thewhale/institutionas they deposited millions worth of LDO and AAVE and booked a loss of$3.34million,according to the data from anon-chainanalytic firmSpotonchain.In the last fewhours,this whale has dumped a massive4.44million LDO tokens worth$7.91million,and49,771AAVE tokens worth$3.34million onto theworld’sbiggest cryptocurrency exchangeBinance.
In the past4hours,7wallets deposited$12.38Mworth of LDO andAAVE,triggering significant marketmovements.
Following this massivedump,LDO experienced a13%pricedrop,while AAVE experienced a7%pricedrop.Ethereum（ETH）and otherEther-basedtokens including UNI and ONDO experienced price drops of3.3%,4%,and4.5%respectively in the last24hours.
EthereumPrice-PerformanceAnalysis
Despite all these updates and pricedrops,ETH is currently trading near$3,300,and in the last24hours,it experienced a3.5%pricedrop.Meanwhile,24-hourtrading volume surged by26%signaling strong investors and traders participation amid pricedrop.
If we look at the performance of ETH over a longerperiod,in the last7days it lost2%of itsgain.Whereas,in the last30days,ETH has experienced a13%pricedrop.
Apart from Ethereum andEther-basedaltcoins,the overall cryptocurrency market is down by3%.Meanwhile,top assets include Bitcoin（BTC）,Solana（SOL）,BNB（BNB）,Dogecoin（DOGE）,and Cardano（ADA）experienced a price drop of3%,4.5%,3.2%,4%,and2%respectively in the last24hours.
解説
- Thesignificantsell-offbyawhale/institutionhighlightsthevolatilityandmarketimpactlargetransactionscanhaveonEthereum-basedaltcoins.
- ThepostponementoftheEtherETFlaunchbytheUSSECaddstomarketuncertainty,contributingtothedownturn.
- Despiteshort-termpricedrops,thehightradingvolumeindicatescontinuedinvestorinterestandparticipation.
- Understandingmarketdynamicsandwhalemovementsiscrucialfornavigatingcryptocurrencyinvestmentsduringvolatileperiods.