On February 24, 2026, from 05:15 to 05:30 (UTC), ETH experienced a significant plunge, with a 15-minute candlestick return of -1.09%. The price dropped from around $1,819, indicating increased market volatility and heightened investor attention to short-term performance of cryptocurrencies. Mainstream coins moved downward in unison, with trading volume expanding to $2.176 billion over 24 hours, and short-term trading activity becoming more active.
The primary drivers of this movement were whale repositioning and leveraged trading behaviors. On-chain data shows that whale accounts like “pension-usdt.eth” heavily shorted ETH with high leverage, opening positions at an average price significantly above the current market price, which led to unrealized losses and triggered stop-losses and liquidations. The short-term selling pressure from whale liquidations caused ETH prices to fall rapidly. Meanwhile, the inflow of funds into US Ethereum spot ETFs slowed down, prompting some investors to take profits, and short-term capital withdrawals increased market pressure.
Additionally, macro risks amplified the volatility. Bitcoin (BTC) declined by -0.61% in the same window. The entire mainstream crypto market was affected by geopolitical tensions and rising demand for gold as a safe haven, leading to a continued decrease in risk appetite. Liquidations and stop-loss actions from both long and short positions with high leverage, along with real-time social media updates on whale activities and ETF fund movements, intensified emotional reactions. Large on-chain fund flows and the correlated decline of major coins jointly pushed up ETH’s short-term volatility.
Short-term market risks remain. Although ETH’s on-chain ecosystem growth remains steady, current volatility is high. High leverage trading, whale activities, and ETF fund flows could trigger secondary fluctuations. Investors should closely monitor key support levels, large on-chain transfers, ETF net inflows, Federal Reserve policies, and global safe-haven capital flows. It is important to manage positions and stop-loss strategies carefully, stay updated on market developments, and be prepared for sudden short-term risks.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Tom Lee Calls "Crypto Winter Over," Bitmine Doubles Down with $139M ETH Investment—Faith or Sunk Cost Fallacy?
Bitmine Immersion Technologies recently repurchased 65,000 Ethereum, bringing total holdings to over 4.6 million. Chairman Tom Lee claimed that the "mini crypto winter" is about to end. However, the market reality is that the holding strategy masks underlying capital pressure and liquidity risks. Although Ethereum's performance has outperformed the stock market in the short term, the ongoing decline in prices and market volatility remain worrisome.
動區BlockTempo16m ago
Grab Acquires Foodpanda: Crypto Payments Already in Place, Uber Stake Controversy Exposed
Grab announced the acquisition of Foodpanda's delivery business in Taiwan for approximately $600 million, with the transaction expected to be completed in 2026. This acquisition marks an important milestone for Grab's expansion beyond Southeast Asia and has sparked discussions about its shareholder structure and potential monopoly concerns. Grab is also planning to establish a stablecoin settlement system in Asia to advance crypto payment development. Unions have called for the protection of employment rights and benefits for Foodpanda delivery personnel.
MarketWhisper18m ago
Bitmine: Ethereum's Crypto Winter Has Thawed, ETH Holdings Exceed 4.6 Million
Bitmine Immersion Technologies has recently increased its holdings by 65,341 ETH, indicating that the "mini cryptocurrency winter" has come to an end. Since the Iran conflict, Ethereum has performed exceptionally well relative to other assets, surpassing gold by 33 percentage points, and demonstrating a strong "wartime" store-of-value function. Currently, Bitmine holds 4.6 million ETH, and still needs an additional $2.9 billion in investment to reach its 5% portfolio allocation target.
MarketWhisper39m ago
Russia Approves Cryptocurrency Legislation, Bitcoin, Ethereum, and Solana Permitted for Listing
The Russian government approved the "Digital Currency and Digital Rights Act," establishing a regulatory framework for cryptocurrency. The act sets three admission standards, allowing qualified digital assets to enter the market. The investment limit for ordinary citizens is approximately $4,000, and privacy coins are prohibited. Violations will result in fines and criminal penalties. The act must be passed by July 2026.
MarketWhisper47m ago
Aave V4 Clears Governance Vote, Eyes Ethereum Mainnet With Security-First Rollout
Aave’s community has approved a proposal to deploy Aave V4 on Ethereum mainnet, setting the stage for a tightly controlled launch focused on risk management and long-term scalability.
Aave DAO Greenlights V4 Upgrade With New Credit Infrastructure
The approved ARFC (Aave Request for Comment)
Coinpedia54m ago
Tom Lee: "Mini Crypto Winter" Affecting ETH Is Ending, Bitmine's Total Holdings Exceed 4.6 Million ETH
Bitmine Immersion Technologies Chairman Tom Lee stated that the "mini winter" in the crypto market is ending. The company has been actively purchasing ETH recently, with current holdings exceeding 4.6 million coins, representing 3.86% of total circulation. The company sees positive signals in market stabilization and the advancement of the CLARITY Act, with ETH up 18% since the Iran conflict.
GateNews57m ago
