Ethereum (ETH) has been hit harder than other large-cap digital assets during the latest market-wide downturn, falling over 5% in 24 hours and trading just above $2,100 after touching a multi-month low of $2,070. The move puts the key $2,000 support level back in focus.
Whale Liquidations
The sharp decline has harmed major leveraged traders. Onchain Lens reported that a Hyperliquid trader lost nearly $20 million on ETH longs across two accounts, with a combined profit and loss of -$44.78 million and a loss of over $33 million in the past month alone. The trader was liquidated for an $11.89 million loss on the first account and closed the ETH long on the second, booking another $7.97 million loss.
CoinGlass data shows that the single-largest observed liquidation order also involved ETH, worth $48.16 million, and took place on Binance.
Buying the Dip
While some market participants used excessive leverage to gain ETH exposure, others turned to spot buying. Lookonchain data showed that whales bought the ETH dip as the asset fell.
One wallet borrowed 22 million USDT from AAVE and spent almost all of it to acquire 10,000 ETH at an average price of $2,155, which is still slightly above the current spot level. Another big player withdrew 3,500 ETH from Binance, worth $7.5 million, bringing their total withdrawals over the past week to 16,577 ETH ($37.5 million).
