Ethereum slides to $2,300 – $1.16B liquidations trigger whale buying
The post Ethereum slides to $2,300 – $1.16B liquidations trigger whale buying appeared on BitcoinEthereumNews.com.
According to Alphractal, the crypto market has entered its most bearish phase since 2023. Total liquidations surged to $2.59 billion, with Ethereum alone accounting for $1.16 billion of those losses. Ethereum [ETH], the second-largest cryptocurrency by market capitalization, fell to lows near $2,300 as risk-off sentiment intensified. While many investors exited at a loss, others interpreted the drawdown as a discounted entry point rather than a breakdown. Investors treat the dip as a discount The decline over the past session was particularly aggressive, driving Ethereum down to its July 2025 low, based on TradingView data. Despite the severity of the move, select investors continued to accumulate ETH at scale, committing millions amid widespread fear. Two wallets—identified as “7 Siblings” and “0xB7”—led this wave of accumulation, collectively spending $57.44 million on Ethereum. The “7 Siblings” wallet has a track record of buying ETH during sharp market corrections. In the latest dip, the whale deployed $31.08 million into Ethereum. On-chain data further shows the presence of unfilled buy orders, indicating additional accumulation intent. The wallet’s total ETH holdings now stand at approximately $599.53 million. Wallet “0xB7” followed a similar strategy, capitalizing on the downturn to scoop up 10,000 ETH worth $26.36 million at the time of purchase. This move lifted its total Ethereum holdings to roughly $294.79 million. Accumulation during a phase defined by extreme uncertainty—caught between hopes of recovery and deepening bearish sentiment—often reflects long-term positioning at perceived discounted levels. Still, such positioning does not guarantee accuracy. While these flows suggest Ethereum may be approaching a local bottom, further downside remains a real possibility. Big players, bigger losses Not all large-scale bets on Ethereum have paid off. BitMine’s Ethereum Digital Asset Treasury (DAT) is currently sitting on an unrealized loss estimated at $6 billion. BitMine has steadily accumulated Ethereum and remains…
Filed under: News - @ February 1, 2026 6:27 pm