Ethereum Crash Chaos: Hackers Sell, Whales Buy as ETH Plunged to $3.5K
Ethereum joined the remainder of the market previously day by plummeting to a multi-month low of $3,500 earlier than recovering barely to $3,850 as of now.
During this harrowing crash, completely different traders confirmed numerous conduct sorts, from mass promoting to shopping for the dip.
The ETH flash crash in the summertime of 2017 is the closest occasion I can consider compared to what occurred yesterday.
Even in the course of the Covid crash I can’t bear in mind so many main alts dropping a lot so swiftly.
Difference with this liquidation cascade was it was in a extra… https://t.co/Ag1CGqA42m
— Ok A L E O (@CryptoKaleo) October 11, 2025
Who’s Selling and Buying?
Data from Lookonchain revealed that even those that haven’t used their very own cash to accumulate Ethereum determined to get rid of a few of their illicitly amassed ETH fortune. Two wallets reportedly associated to hackers dumped over $20 million value of ETH, which was bought simply over every week in the past from unlawful proceeds. Thus, they took a considerable $3.7 million loss.
In distinction, the monitoring useful resource famous that whales and establishments appear unfazed by the market-wide calamity. Another report indicated all these bigger traders had continued to accumulate ETH. A pockets seemingly associated to Bitmine withdrew $126 million value of ETH, whereas an OG whale bought 14,165 ETH.
Whales and establishments are nonetheless accumulating $ETH amid the market crash.
Two new wallets(seemingly belonging to #Bitmine) withdrew 33,323 $ETH($126.4M) from #FalconX and #Kraken.
OTC whale purchased 14,165 $ETH($55.5M) via #FalconX, #Coinbase, and #Wintermute.… pic.twitter.com/N9K2jTT3bh
— Lookonchain (@lookonchain) October 11, 2025
However, Ethereum’s crash harmed Tom Lee’s Bitmine Immersion, turning its place right into a paper worth lack of practically $2 billion at one level.
ETH Withdrawn From Exchanges
Ali Martinez, the favored crypto analyst with 160,000 followers on X, confirmed the narrative that traders have been withdrawing their ETH from centralized exchanges. He shared a put up exhibiting that 230,000 ETH have been taken off buying and selling platforms, which is often regarded as a bullish growth as it reduces the quick promoting strain.
From a USD perspective, this stash is value virtually $900 million at present costs, given ETH’s drop to $3,850 as of press time.
230,000 Ethereum $ETH withdrawn from exchanges in 48 hours! pic.twitter.com/Gfqx8Waiox
— Ali (@ali_charts) October 11, 2025
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