Ethereum falls 7% as after ‘FTX Drainer’ dumps ETH for Bitcoin

Ethereum has lost more than 7% of its value today because the person who allegedly drained FTX wallets dumped a lot of their ETH and traded it for Bitcoin.

Blockchain tracker PeckShieldAlert says that over the weekend, the exploiter traded thousands of ETH for renBTC, which is a form of wrapped Bitcoin, and then traded the resulting tokens for Bitcoin.

Etherscan that during the same time period, the “FTX Accounts Drainer’s” on-chain Ethereum holdings dropped by 26%, from 250,735 to 185,735.

Ethereum dropped by 7%

CoinGecko data shows that because of this, the price of Ethereum has dropped by more than 7% in the last 24 hours.

On Sunday, Ethereum traded as low as $1118.64, which was a new low for the cryptocurrency for the week. At the time of press, the price of ETH was around $1,117, and it had lost more than 8% over the past week. Since the beginning of 2022, the value of ETH has dropped by almost 75%.

Even though the price of ETH has gone down, the Ethereum-based NFT market has stayed positive. According to data from Cryptoslam, the volume of NFT sales has grown by over 16% to $9.3 million in the last 24 hours.

According to DefiLlama, the total value locked (TVL) across all decentralised applications (dapps) on Ethereum is down more than 4% to $23.8 billion. This shows that DeFi activity has decreased during the bearish market movement.

Data from Coinglass shows that over the past 24 hours, $40 million worth of Ethereum futures trades were settled. Most of the trades that were liquidated (85.98%) were long trades.

Crypto market sheds billions

As a result of the collapse of the cryptocurrency exchange FTX, cryptocurrency prices have gone down even more, sending the market into deep red territory.

CoinGecko from According to data , the total market cap of all cryptocurrencies has dropped by more than 4%, or over $30 billion, to $832 billion.

CoinGecko to according , the price of Bitcoin (BTC) fell to a new weekly low of $15,976 this morning. At the time of this writing, Bitcoin is being traded for around $16,080, which is 3.6% less than it was 24 hours ago.

According to data from Coinglass, almost $71 million worth of Bitcoin futures positions were sold in the last 24 hours. Over 90% of the $76 million that was sold, or about $64 million, came from long trades.

After a day of falling prices, Bitcoin is down more than 76% from its all-time high of $69,044 in November 2021. As a result, Bitcoin’s market capitalization has dropped from $1.27 trillion in November 2021 to less than $308 billion today.

Most other top 10 cryptocurrencies have posted losses over the past 24 hours.Dogecoin is down 10%, XRP is down 8.9%, and Cardano is down 7% in the last 24 hours.

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