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ETH whales are starting to sell to save themselves. Garrett Jin, Boss Yi, and Tom Lee are either selling ETH to repay collateralized loans to avoid liquidation (as shown in the chart below, created by Ghost Tribe Research Society), or they have already lost nearly $1 billion. Boss Yi has a liquidation price of 650,000 ETH at over $1,800. If the price drops, they will be forced to sell ETH to repay loans, causing the market to spiral downward.
Will bigger players target these whales and take them out?
Currently, the net inflow of Bitcoin whale addresses is almost negligible, indicating that the main market players are not satisfied with this price. They need it to fall further before they consider buying the dip!