Ethereum experienced a sharp drop, falling over 7% in 24 hours due to a Yearn Finance exploit triggering a market-wide sell-off. Despite fears of a selloff, no exchange deposits were detected. An old Ethereum wallet from 2015, dormant for ten years, moved 40,000 ETH worth $120 million now.

A Yearn Finance exploit and ETH futures liquidations caused over $600 million in crypto liquidations. Taiwanese whale Machi Big Brother faced significant losses with 3,300 ETH at 25x leverage. Ethereum remains in a fragile spot with fading spot volume and high leverage, signaling potential market instability.

Crypto whales are selling their bags, and short sellers are sensing an opportunity amidst the market turmoil. An on-chain alert revealed a dormant Ethereum wallet from 2015 moving 40,000 ETH, now worth $120 million. Despite market panic, early-era ETH whales have historically caused more social-media panic than real market damage.

Read more at Yahoo Finance: Why Did Ethereum Drop? Crypto Crash Dents Ethereum Price Prediction for December