Ethereum Drops 7% as FTX Attacker Dumps $ETH for $BTC

The cryptocurrency market lost more than $30 billion, while Ethereum and Bitcoin recorded substantial losses following the FTX-driven market-wide crash.

The previous 24hrs saw Ethereum dropping more than 7%. The declines emerged as the attacker who drained FTX accounts dumped a substantial ETH amount for Bitcoin. PeckShieldAlert, a blockchain tracker, discovered that the exploiter swapped multiple Ethereum tokens for renBTC (a wrapped BTC type) over the weekend.

He then swapped the resulting coins for BTC. Etherscan data indicated that the FTX Drainer’s on-chain ETH holdings plummeted by 26% to 185,735 from 250,735 in that timeframe. The resulting pressure has dragged ETH lower within the previous day, slumping by more than 7% (CoinGecko data).

Sunday sessions saw Ethereum breaking the barrier at $1,200 to explore the $1,118 weekly low. While publishing this report, Ethereum traded near $1,117, losing around 8% over the past week. The alternative token has dropped approximately 75% since 2022 started.

Meanwhile, the ETH-based non-fungible token market has stayed constructive regardless of the declines in Ethereum’s price. For instance, the NFT sales volume increased by 16% within the last 24 hours to $9.3 million (Cryptoslam data).

DeFiLlama confirmed that Ethereum-based decentralized applications (dApps) saw their TVL plunging by more than 4%, hitting $23.8B. That indicated reduced DeFi activity amidst the bearish markets. Meanwhile, Coinglass discovered Ethereum futures liquidations worth $40 million over the last day. Moreover, long trades dominated the liquidations (85.98%).

Cryptocurrency Market Drops Billions

The cryptocurrency market has endured extended plummets following the FTX collapse, pushing the market deep inside the red region. The market capitalization of all digital assets dropped by more than $30 billion, hitting $832 billion (CoinGecko data).

CoinGecko shows BTC dipped to new weekly lows early today, touching $15,976. A modest revival placed Bitcoin at $16,080 during this writing, 3.6% down from the previous day. Moreover, the last 24hrs had BTC futures worth about $71 million liquidated (Coinglass data).

Long trades amounted to more than 90% of the $71M liquidated positions. Meantime, BTC trades more than 76% down from its $69,044 all-time high of November last year. Its market cap dipped from $1.27T in November 2021 to press time $308 billion.

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