Over the last 24 hours, there was a significant downturn in the cryptocurrency market, with Bitcoin (BTC) dropping to \(65,086, reflecting a 4.57% decrease. Ethereum (ETH) also saw a notable decline below the \)3,200 threshold, down by 8.12%. Solana (SOL) followed suit, plunging below $150 with a 12.68% decrease.

BTC hit \(65,086, marking a 4.57% decline in 24 hours. ETH slipped below \)3,200, experiencing an 8.12% drop within the same period. SOL fell under \(150, registering a 12.68% decrease. WIF and PEPE also faced downturns of 24.1% and 20.3%, respectively. The market liquidated a total of \)829 million in the past 12 hours, with a significant portion amounting to $785 million originating from long orders.

— Wu Blockchain (@WuBlockchain) April 13, 2024

Amidst the market turmoil, Alameda Research, a key player in the cryptocurrency sphere, made substantial transactions as the market grappled with the crash. The firm moved 2,500 ETH (\(8.55 million) to Coinbase at a rate of \)3,426 through the intermediary wallet 0xcef, as reported by Spotonchain data.

#FTX and #Alameda Research have shown adept timing in their liquidation strategies!

Just 8 hours earlier, they transferred another 2,500 \(ETH (\)8.56M) to #Coinbase at approximately $3,426, just before the recent market downturn!

Since March 1, FTX and Alameda have shifted 15,850 \(ETH (\)58M) into… pic.twitter.com/CPAJd8EaIJ

— Spot On Chain (@spotonchain) April 13, 2024

This activity aligns with a pattern observed since March 1, 2024, where FTX and Alameda deposited 15,850 ETH into Coinbase at an average price of \(3,659 (\)58 million), often coinciding with significant market fluctuations.

ETH Withdrawal And Whale Transactions Influence Price Movement

Notably, the recent withdrawal of ETH by FTX and Alameda Research preceded a sharp decline in the price of ETH. Lookonchain data highlighted additional movements by a whale within the market. The whale deposited 6,700 ETH ($23.65 million) into Binance just before the market downturn.

A whale added 6,700 \(ETH (\)23.65M) to #Binance ahead of the market correction.

This whale had previously withdrawn 26,698 \(ETH (\)94.3M) from Binance for staking purposes between February 7 and April 1.

By withdrawing 6,700 $ETH from #Binance yesterday to prepare for staking as before, the whale seemed to anticipate the… pic.twitter.com/A3RRz50QTT

— Lookonchain (@lookonchain) April 13, 2024

The whale had withdrawn 26,698 ETH ($94.3 million) from Binance for staking activities between February 7 and April 1. The decision to deposit 6,700 ETH back to Binance prior to the market drop suggests a proactive stance in readiness for staking amidst the expected market correction.

The recent volatility in the cryptocurrency market underscores the challenges and uncertainties that investors and traders face, emphasizing the need for vigilant monitoring of market trends and institutional activities.

Disclosure: This content does not constitute trading or investment advice. It is recommended to conduct thorough research before engaging in cryptocurrency purchases or investments.

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