Major Ethereum Whale Returns: Buys $119M In ETH Amid Market Drop

Ethereum (ETH) is currently consolidating after a recent selloff, managing to stay above key support levels while facing resistance around the $3,400 mark. The cryptocurrency is trading near $3,131, with initial support at $3,050, indicating a sideways trend until a decisive breakout occurs above the descending resistance.

XRP has emerged as a leader in institutional inflows, with Spot XRP ETFs experiencing 19 consecutive days of inflows totaling nearly $1 billion, despite the cryptocurrency's price remaining stagnant around $2. This disconnect between strong demand and price performance raises questions about market dynamics.

Ethereum's activity has reached a seven-month low, with active addresses declining by 32% from their August peak, reflecting a significant downturn in market engagement. The cryptocurrency is currently trading below the critical $3,200 level, facing persistent selling pressure and macroeconomic uncertainties.

Ethereum's price dropped 9% in just eight hours, falling to $2,933, as over $670 million in long positions were liquidated during a significant downturn in the cryptocurrency market. This sharp decline highlights the volatility that characterizes the crypto landscape, particularly for leveraged trading strategies.

Bitcoin's price remains below the $90,000 mark, struggling to regain higher levels as market bulls attempt to defend current demand zones. Following a significant correction, the price has entered a consolidation phase, which may appear stable but is accompanied by rising structural risks according to on-chain data from CryptoQuant and XWIN Research Japan.

Trust Wallet has announced the introduction of zero swap gas fees on the Ethereum network, allowing users to perform token swaps without incurring transaction costs. This initiative aims to enhance user experience by eliminating the financial barrier associated with gas fees during swaps.

Bitcoin's price continues to struggle below the $90,000 mark, reflecting a market under pressure as bulls attempt to defend key demand zones. The Short-Term Holder Spent Output Profit Ratio (STH SOPR) has dipped below 1, indicating a realization of losses among short-term holders and a deterioration in market sentiment.

The supply of XRP on cryptocurrency exchanges has been rapidly decreasing, indicating a potential supply shock as the price of the token continues to decline amid ongoing volatility. This trend suggests that many investors are moving their holdings off exchanges during this bearish phase.