The article discusses how whales, large holders of Ethereum (ETH), are implementing a pump and dump strategy during the current market downturn. Whales have sold their ETH holdings, causing a significant long-liquidation and a surge in inflow on exchanges. This selling pressure has led to a decline in the ETH price, dipping close to its breakout point. Data shows that $28 million worth of long positions were liquidated, intensifying the selling pressure. The article also mentions the launch of Ether futures-based ETFs, which added to the selling pressure. As a result, the article speculates on the potential further decline of the ETH price, with sellers aiming to obstruct any recovery. The current ETH price is $1,646, declining over 3.5% from the previous day.
AI Sentiment: Negative