Ethereum Plunges 7% As FTX Accounts Drainer Dumps ETH for Bitcoin

Ethereum has fallen over 7% on the day that the attacker allegedly drained FTX wallets dumped a significant portion of their accumulated ETH and traded it for Bitcoin.

Over the weekend, per blockchain tracker PeckShieldAlertthe exploiter exchanged thousands of ETH for renBTC, a form of wrapped Bitcoin, before exchanging the resulting tokens for Bitcoin.

According to data from EtherscanEthereum holdings on the chain of ‘FTX Accounts Drainer’ fell 26% from 250,735 to 185,735 in the same period.

The resulting price pressure has sent Ethereum down over 7% in the past 24 hours, according to data from CoinGecko.

On Sunday, Ethereum breached the $1,200 barrier, trading as low as $1,118.64, a new weekly low for the cryptocurrency. At press time, ETH is trading at around $1,117, with weekly losses of over 8%. Since the start of 2022, ETH has lost almost 75% of its value.

Despite the drop in ETH’s price, the Ethereum-based NFT market has remained constructive, with NFT sales volume growing over 16% to $9.3 million over the past 24 hours, per data from Crypto slime.

In accordance DefiLlamais the total value locked (TVL) across all decentralized applications (dapps) on Ethereum down over 4% to $23.8 billion, indicating a reduction in DeFi activity during the bearish market move.

According to data from Coinglass, $40 million worth of Ethereum futures were liquidated in the last 24 hours. Of the total liquidations, the majority of them (85.98%) were long trades.

The crypto market throws out billions

The fallout from the collapse of crypto exchange FTX has seen cryptocurrency losses mount, driving the market into deep red territory.

Over the past 24 hours, the total market capitalization of all cryptocurrencies has fallen by more than $30 billion to $832 billion, a drop of more than 4%, according to data from CoinGecko.

Per CoinGecko, Bitcoin (BTC) plunged to a new weekly low of $15,976 earlier today. After staging a modest recovery, at press time, Bitcoin has changed hands at around $16,080, down 3.6% over the past 24 hours.

Nearly $71 million worth of Bitcoin futures positions were liquidated in the past 24 hours, per data from Coinglass. Of the $76 million liquidated, over 90% (around $64 million) were long trades.

Following today’s bearish price momentum, Bitcoin is down over 76% from its all-time high of $69,044 recorded in November 2021, with the market capitalization of Bitcoin plunging from $1.27 trillion last November to below $308 billion today.

Other top 10 cryptocurrencies have also reported losses in the past 24 hours, with Dogecoin down 10%, XRP down 8.9% and Cardano down 7%.