Ethereum has garnered attention as a prominent whale deposited a large amount of ETH tokens to Binance, potentially contributing to the recent price drop. The whale, believed to be Cumberland, deposited 17,750 Ethereum tokens worth $54.41 million. This suggests that big investors are selling their tokens for profit-taking, particularly those who bought at lower prices and are selling now at higher values. Such sales by large investors often lead to market volatility and trigger consolidation trends. The global crypto market has experienced significant selloffs, causing Ethereum to lose its mild recovery and drop 7.3% to $3,058.46. The ongoing underperformance of Ethereum compared to other major cryptocurrencies has resulted in negative market sentiment and reduced trader participation. Ether's slower recovery compared to other tokens has led to increased scrutiny of Ethereum leadership, prompting plans for reforms to address the decreasing market demand and governance issues. Ethereum co-founder Buterin has also outlined ambitious plans for the year, including critical upgrades to improve throughput, latency, and fee burning on the main blockchain.



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