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According to data provided by cryptocurrency analytics firm Lookonchain, a major Ethereum (ETH) whale recently panicked, selling a whopping $12.11 million worth of the largest altcoin.
The whale in question continues to hold roughly $12 million at press time.
Earlier today, the Ethereum (ETH) price plunged to as low as $2,240, according to data provided by CoinGecko.
The OG whale is not alone. A few hours ago, Lookonchain also revealed that another wallet deposited $28.9 million worth of Ethereum (ETH) to Binance, which strongly indicates that there could be substantially more selling pressure.
Some other whales also panic-sold thousands of ETH tokens amid the sell-off.
Crypto liquidations
According to data provided by CoinGlass, Ethereum recorded $300 million worth of liquidations over the past 24 hours.
ETH has plunged by 8%, which makes it one of the worst-performing cryptocurrencies by market cap. ETH is now 10% over the past week.
Of course, long positions accounted for the lion's share of the massive wipeout.
Overall, $712 million worth of crypto has been liquidated over the past 24 hours.
Bitcoin's growing dominance
Meanwhile, Bitcoin dominance continues to grow as altcoins keep showing more weakness.
Earlier today, the market share of the crypto king reached yet another cycle peak.
Meanwhile, Ethereum has been struggling to revive its bullish momentum despite steady inflows recorded by US-based spot exchange-traded funds.
That said, it is worth mentioning that ETH/BTC is still way above the 0.017 BTC level.