Fun

On-Chain Data Reveals Binance’s Strategy Behind Massive Ethereum And Solana Sell-Off

News Feed - 2025-02-27 07:02:22

Este artículo también está disponible en español.


As the broader cryptocurrency market grapples with significant downturns, Ethereum (ETH) and Solana(SOL) have emerged as some of the hardest-hit assets among the top ten digital currencies. 


On top of that, recent allegations by market experts on social media suggest potential market manipulationby major players in the space, raising further concerns for investors. Ethereum Falls Below $2,600: Potential End To Altseason


Over the past few days, on-chain data has surfaced, indicating large-scale selling of Ethereum and Solana tokens primarily by Binance (BNB), the world’s largest cryptocurrency exchange. 


Market expert Crypto Rover highlightedthat these sales, which occurred over a span of just 48 hours, have contributed to a staggering 7% drop in Ethereum and a 12% decline in Solana’s value. Related Reading Bitcoin Crashes: Experts Warn Of 6-Month Slump To $73,000 1 day ago


Ethereum has now breached its critical support level of $2,600, a point that analysts like Ali Martinez caution could signal the end of the altcoin season if confirmed on higher time frames. 


Martinez notesthat the next significant threshold for the Ethereum holders is set at $2,300; falling below this level could jeopardize the psychologically crucial $2,000 mark.


For Solana, the situation is similarly dire. The asset has retraced below its major support level at $150, settling around $140. This decline represents a considerable 51% gap from its all-time high of $293 reached in January.


The bearish sentiment surrounding Solana is further underscored by a stark dropin network activity. Martinez pointed out that Solana’s active addresses have plummeted by 60%, falling from an impressive all-time high of 18.5 million in October to just 7.3 million. Solana’s drop in number of active addresses during the past month. Source: Ali on X Market Manipulation Allegations Arise


Amidst these troubling developments, voices within the crypto community are suggesting that the market turbulence may not be coincidental. 


Experts like Marty Party have expressedconcerns about the role of Binance, asserting that the exchange may have offloaded its holdings in Solana and Ethereum to cover fines imposed by the Department of Justice (DOJ) while also profiting from liquidating leveraged futures positions.


Such actions have been characterized as “manipulative,” with Marty noting the timing of these sales. Doctor Profit, another market expert, also suggests that platforms like Bybit may have engagedin similar practices to recover “lost Ethereum” after its recent hack, fueling further speculation about the integrity of these exchanges.


Critics argue that these “market maneuvers” are indicative of a broader pattern of manipulation, particularly aimed at triggering mass liquidationsamong long positions.  Related Reading Ethereum Price Crash To $2,000 Could Happen As Smaller Timeframes Turn Bearish 1 day ago


Doctor Profit remarked on the apparent transparency of these manipulations, suggestingthat market players are exploiting the naivety of average crypto investors.


Given the current climate, there is a growing call within the crypto community to shift away from centralized exchanges and traditional financial structures. 


Advocates like Doctor Profit are urging investors to embrace decentralized finance (DeFi) and monolithic networks, emphasizing the importance of self-custody and minimizing reliance on institutions that may be susceptible to manipulation. The daily chart shows ETH’s price crash below key levels. Source: ETHUSDT on TradingView.com


For now, Ethereum has managed to stabilize at $2,390, which is nearly 50% below the record high of $4,878 reached during the 2021 bull market.


Featured image from DALL-E, chart from TradingView.com

News Feed

Tristan Greene6 hours agoScientists develop AI monitoring agent to detect and stop harmful outputsThe monitoring system is designed to detect and thwart both prompt injection attacks and edge-case threats.2877 Total view
Bitcoin to Trigger the Largest Wealth Transfer in History – Get Free $BTC with BTC Bull Token
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Freebitco.in Gaming Site Launches Covid-19 Relief Fund – Donating 20% House Edge to Healthcare Efforts
Freebitco.in Gaming Site Launches Covid-19 Relief Fund - Donating 20% House Edge to Healthcare Efforts The owners of the website Freebitco.in have announced a coronavirus relief
Biggest Movers: UNI, BCH Surge by Over 20%, Hitting Multi-Month Highs
Biggest Movers: UNI, BCH Surge by Over 20%, Hitting Multi-Month Highs Uniswap was trading over 20% higher in Thursday’s session as the token rose to its highest point since
Crypto Fear and Greed Index Shows ‘Extreme Fear’ and Shaky Sentiment Persist
Crypto Fear and Greed Index Shows "Extreme Fear" and Shaky Sentiment Persist For a few weeks now, bitcoin sentiment stemming from the Crypto Fear and Greed Index (CFGI) has been in
Did A Massive Bitcoin And Ethereum Sell-Off By Binance Trigger The Market Crash? Crypto Exchange Responds
Este artículo también está disponible en español. There have been recent concerns within the crypto community regarding Binance’s recent activities after a claim su
Felix Ng7 hours agoDear crypto writers: No one wants to read your ChatGPT-generated trashOpinion: If you used ChatGPT to write an article, do us all a favor and delete it. None of us want to read it.706 Total views14 Tot
Bitcoin’s Third Halving: Survey Shows 50% of Miners Expect a Price Increase
Bitcoin"s Third Halving: Survey Shows 50% of Miners Expect a Price IncreaseThe block reward halving for BTC is 32 days away and crypto businesses and mining operations are steadily
Market Outlook: Golden Cross Invalidated, Andreessen Horowitz Predicts ‘Fourth Crypto Cycle’
Market Outlook: Golden Cross Invalidated, Andreessen Horowitz Predicts ‘Fourth Crypto Cycle’The price of bitcoin and a number of other popular cryptocurrencies have been collect
Mad Money’s Jim Cramer Advises Investors to Get out of Crypto — Says ‘It’s Never Too Late to Sell’
Mad Money"s Jim Cramer Advises Investors to Get out of Crypto — Says "It"s Never Too Late to Sell" The host of Mad Money, Jim Cramer, has advised investors to sell their crypto,
Anchor Nips at Aave’s Heels as Defi Protocol Becomes Second-Largest Lending Application
Anchor Nips at Aave"s Heels as Defi Protocol Becomes Second-Largest Lending Application While the decentralized finance (defi) platform Anchor Protocol’s native digital asse
‘Oil Prices North of $200’ per Barrel — Investor Expects Oil to ‘Crush’ Every Investment in 2023
"Oil Prices North of $200" per Barrel — Investor Expects Oil to "Crush" Every Investment in 2023 Amid the dreary global economy, a number of market strategists and analysts belie