Following a massive sell order of more than 15,000 ETH that triggered a noticeable Bitcoin slump, another Ethereum whale set a buy order for almost 20,000 ETH on Binance. First thought to be a spoof, the order was quickly filled but prompted a widespread discussion on whether this was another whale’s attempt to manipulate the market.
Ethereum recovers after a major slump
After an extremely bearish week, the crypto market started to show signs of recovery in the past 48 hours. While many believed that the slump was caused by Bitcoin reacting to a slew of negative news coming from U.S. politicians, it is possible the world’s second-largest cryptocurrency that initiated a bearish trend.
Chico Crypto, a crypto YouTube channel, claims that the latest Bitcoin slump was caused by an Ethereum whale. According to his video, a crypto whale or a trading group put a mass-market 15,000 ETH order on Bitstamp, which immediately dropped the price from $220 to $190—a 13.6 percent decrease.
The drop affected the to other (highly correlated) cryptocurrencies, dragging Bitcoin below the $10,000 mark.
However, Ethereum managed to recover well from the crash, but not thanks to a healthy increase in market activity. Su Zhu, the CEO of Three Arrows Capital, pointed out on Twitter that another Ethereum whale has been slowly accumulating ETH in the past couple of weeks.
Another whale pushes Ethereum into the green
Zhu then shared a screenshot of buy orders placed on Binance earlier today, which showed that the whale put out an order for almost 20,000 ETH.
— Su Zhu 🦁 (@zhusu) July 18,