Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Whale Activity And Market Declines Drive Ethereum Volatility

The recent dip in Ethereum’s price has prompted significant movements among crypto whales, as some have resorted to selling $ETH to cover debts. In the past two days, a single whale deposited a total of 31,968 $ETH (valued at $122.3 million) to Binance, with 22,746 $ETH ($77.7 million) moved in the last five hours alone. The funds were exchanged for stablecoins to repay loans on platforms like Spark and Aave. The recent price drop forced whales to sell $ETH to repay debts. A whale deposited 22,746 $ETH ($77.7M) to #Binance in the past 5 hours and withdrew stablecoins from #Binance to repay debts on #Spark and #Aave . And this whale has deposited a total of 31,968 $ETH ($122.3M) to… pic.twitter.com/vhw9J1KTkP — Lookonchain (@lookonchain) December 20, 2024 The Ethereum Foundation also made headlines after its timely sale of 100 $ETH on December 17. This transaction coincided with a 17% drop in $ETH’s price, marking yet another well-timed top sale. Over the past year, the foundation has sold 4,466 $ETH ($12.6 million) across 32 trades, with nearly half executed at market peaks. Since the #EthereumFoundation sold 100 $ETH on Dec 17, the price of $ETH has dropped by ~17%, marking another successful top sale. Over the past year, #EthereumFoundation has sold 4,466 $ETH ($12.6M) across 32 trades, with 15 of them executed at the top(marked in red in the… pic.twitter.com/DA7nGAgbxr — Lookonchain (@lookonchain) December 20, 2024 As prices fell, the losses extended to other prominent traders. Trump’s World Liberty (@worldlibertyfi) recorded a $6.15 million loss on its recent acquisitions, primarily driven by a $4.86 million hit from $ETH. As the market declined, #Trump `s World Liberty`s recent purchases of $ETH , $WBTC , $AAVE , $LINK , $ENA , and $ONDO fell into the red, with a total loss of $6.15M. The biggest loss came from $ETH , totaling $4.86M. https://t.co/aOEC9OCBT1 pic.twitter.com/4SL29JpFFj — Lookonchain (@lookonchain) December 20, 2024 Despite this, the entity continues to buy the dip, purchasing 759 $ETH for $2.5 million just 20 minutes ago. In total, World Liberty has accumulated 9,587 $ETH ($35 million) at an average price of $3,651, narrowing its $ETH losses to $3.4 million. Trump`s World Liberty( @worldlibertyfi ) spent 2.5M $USDC to buy 759 $ETH again 20 minutes ago. So far, #WorldLiberty has bought a total of 9,587 $ETH ($35M) at an average price of $3,651. Their loss on $ETH has narrowed to $3.4M. https://t.co/h3YVUEyx6L pic.twitter.com/yAeUqGet1r — Lookonchain (@lookonchain) December 20, 2024 Adding to the turbulence, the Ethereum spot ETF experienced a net outflow of $60.47 million on December 19, breaking an 18-day streak of inflows. Ethereum spot ETF had a total net outflow of $60.4677 million on December 19, the first net outflow after the net inflow in the past 18 days. https://t.co/Tvs2oCSxTg pic.twitter.com/tO6fltURdn — Wu Blockchain (@WuBlockchain) December 20, 2024 The combination of whale activity, foundation sales, and institutional outflows highlights Ethereum’s volatility amid the broader market decline. While some traders seek opportunities to buy the dip, the market remains uncertain as losses continue to mount. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: nexusplexus/ 123RF // Image Effects by Colorcinch CoinOtag

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NFT Gaming Project CyberKongz Receives Wells Notice from SEC

CyberKongz, a gaming-based NFT project, announced on December 16 that it has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). The notice raises concerns about the platform’s integration of its ERC-20 token with blockchain games and questions aspects of its activities, including its 2021 contract migration. The SEC’s Argument In a post on X, the CyberKongz team expressed their dismay with the agency’s handling of the situation, saying: “We are extremely disappointed at the approach the SEC has taken towards us, but we are going to stand up and fight for a brighter future that holds more clarity for NFT projects.” They disclosed that the issue began two years ago when the regulator first contacted them, during which time they operated quietly and under a lot of pressure. The post highlighted that the SEC’s main concern appears to center on whether ERC-20 tokens can function alongside blockchain games without being classified as securities. CyberKongz argued that this implication could have wide-ranging consequences for the Web3 gaming industry. They also said they are determined to contest the financial watchdog’s position and advocate for a clearer regulatory framework. Another point of contention involves the Genesis Kongz contract migration in April 2021, which the regulator reportedly interpreted as a token sale. The NFT project clarified that the migration was not a primary sale and criticized the SEC’s inability to differentiate between the two, stating: “If they cannot distinguish between a primary sale and a contract migration, what hope do we currently have for a clear regulatory pathway going forward?” The Wells Notice gives the platform 30 days to respond before the SEC decides whether to pursue enforcement action. While not a formal allegation of wrongdoing, such a notice shows that the agency is considering further legal steps. Broader Industry Issue This latest development adds CyberKongz to a growing list of blockchain and NFT entities under SEC scrutiny, including Coinbase, Consensys, Ripple, OpenSea, Uniswap Labs , and Bittrex , which have faced similar notices in recent years. Last month, Australian-based gaming company Immutable also reported receiving such a warning. At the time, they expressed frustrations over vague allegations and unclear regulatory guidelines. However, no further action has been taken since then. Meanwhile, CyberKongz has reassured its community that it remains committed to advancing its work without the burden of silence. It stated that the situation marks a turning point as it continues to advocate for clearer guidelines within the NFT and blockchain industries. The post NFT Gaming Project CyberKongz Receives Wells Notice from SEC appeared first on CryptoPotato . CoinOtag