The cryptocurrency market recently entered its most bearish phase since 2023, with $2.59 billion in total liquidations. As Ethereum plunged to a July 2025 low near $2,300, major investors exhibited divergent strategies: two whales spent over $57 million to accumulate holdings, while others like BitMine and the wallet linked to Garrett Jin reported significant losses.
A sharp market correction has resulted in over $2.59 billion in total liquidations, marking the most bearish phase since 2023. The second-largest cryptocurrency, Ethereum, fell to lows near $2,300, intensifying risk-off sentiment. While many investors exited at a loss, others interpreted the drawdown as a discounted entry point rather than a breakdown.
Select investors committed millions to accumulate Ethereum despite the aggressive decline to a July 2025 low. Two wallets—identified as “7 Siblings” and “0xB7”—led this wave of accumulation, collectively spending $57.44 million. The “7 Siblings” wallet deployed $31.08 million, bringing its total Ethereum holdings to approximately $599.53 million.
Wallet “0xB7” followed a similar strategy, purchasing 10,000 Ethereum worth $26.36 million and lifting its total holdings to roughly $294.79 million. Accumulation during a phase defined by extreme uncertainty—caught between hopes of recovery and deepening bearish sentiment—often reflects long-term positioning at perceived discounted levels. However, such positioning does not guarantee accuracy, and further downside remains a real possibility.
Not all large-scale bets have paid off, as BitMine’s Ethereum Digital Asset Treasury (DAT) currently sits on an unrealized loss estimated at $6 billion. The firm began staking its holdings after earlier drawdowns, and as of the 12th of January, had staked approximately $3.33 billion worth of ETH. Another whale, tagged “HyperUnit” and linked to Garrett Jin, fully exited its Ethereum position, locking in an estimated $250 million loss.
Liquidity metrics offer a clearer view of the current market structure, with the Money Flow Index hovering around 41, indicating sustained selling pressure. The Chaikin Money Flow remains firmly negative, supporting the case for continued downside risk. This persistent weakness suggests Ethereum could potentially revisit the $2,000 region unless sentiment shifts decisively.
