What’s Behind the Attention on BMNR’s Stock Following Ethereum’s Significant Drop?

Whale Wallet Activity: Two anonymous whale wallets that had been dormant for five years were reactivated, accumulating over $100 million in Ethereum (ETH) and continuing to buy more, with the "7 Siblings" wallet adding over $72 million in ETH in just two days.

Market Impact: Ethereum's price fell nearly 6% in the last 24 hours, trading around $2,200, while large corporate holders faced significant losses, with some whales reporting unrealized losses of up to $6.8 billion.

Retail Sentiment: Retail sentiment around altcoins remains bearish, with Ethereum's price decline contributing to a general downturn in the cryptocurrency market, which saw a 2.5% drop in total market capitalization.

Future Outlook: Despite the current weakness in Ethereum's price, some analysts believe there may still be potential for recovery, with predictions suggesting that Ethereum could rally significantly against Bitcoin in the future.