Ethereum recently witnessed a drastic decrease in its value, hitting a low of $3,500 before rebounding to around $3,850. During this tumultuous period, investor behaviors were mixed, with some opting for mass sell-offs while others seized the opportunity to buy at lower prices.

“The ETH flash crash in the summer of 2017 is the closest event I can think of in comparison to what happened yesterday. Even during the Covid crash I can’t remember so many major alts losing so much so swiftly.” — K A L E O (@CryptoKaleo)

Who’s Selling and Buying?

Data from Lookonchain indicated that some investors, despite not using their own funds to acquire Ethereum, opted to liquidate portions of their holdings. Specifically, two wallets tied to hackers reportedly sold over $20 million in ETH, realizing a loss of approximately $3.7 million.

Meanwhile, larger investors, including whales and institutions, appeared unaffected by the downturn, as evidenced by one wallet affiliated with Bitmine withdrawing $126 million worth of ETH and another whale acquiring 14,165 ETH.

“Whales and institutions are still accumulating $ETH amid the market crash.” — Lookonchain (@lookonchain)

Additionally, the downturn took a toll on Tom Lee’s Bitmine Immersion, with paper losses peaking at nearly $2 billion.

ETH Withdrawn From Exchanges

Ali Martinez, a well-known crypto analyst, confirmed significant withdrawals from centralized exchanges, with 230,000 ETH being removed within 48 hours. This trend is typically interpreted as bullish, signaling reduced selling pressure in the market.

“230,000 Ethereum withdrawn from exchanges in 48 hours!” — Ali (@ali_charts)

As the Ethereum market faces these challenges, the landscape is poised for further developments.