Whale selling and bearish technicals suggest ETH could plummet to $1,752—here’s when the drop may accelerate. Ethereum (ETH) price faces immense selling pressure after the $2,700 local top as blockchain data reveals investors cashed out nearly $1 billion in profits this week. Today ETH trades at $2,500, but whale transaction count spike shows that large investors are distributing their holdings. Technicals solidify this potential crash by flashing a bearish divergence sell signal. According to Santiment’s Network Realized Profit/Loss (NPL) metric, shows $835 million worth of ETH tokens were moved on May 15. This indicator tracks daily coin movements, this represents the most significant profit realization since Ethereum price plummeted to $1,385 in April. ETH Network Realized Profit/Loss The selling aligns with a spike in whale transactions exceeding $1 million. Historical patterns show similar activity preceded April’s 35% crash, suggesting large holders who bought the dip are now exiting positions. This… Read More at Coingape.com
FTX’s bankruptcy case has just taken a big step. Nearly 400,000 customer claims—worth up to $2.5 billion—have been rejected after users missed the March 3 deadline to verify their identities. This major disqualification shows how seriously the collapsed crypto exchange is now enforcing Know Your Customer (KYC) rules as it works through legal and financial cleanup.
Huge Number of Claims Thrown Out
In a court filing on April 2, the U.S. Bankruptcy Court confirmed that 392,000 customer claims were completely disqualified for failing to meet identity verification requirements. The rejected claims take up 2,377 pages of court records.
This sharp reduction in total claims could actually help verified users. With fewer claims on the table, the chances of higher payouts for those who did complete verification may now increase.
The Real Value of Rejected Claims
While early estimates put the value of these unverified claims at around $1 billion, creditor advocate Sunil Kavuri says the actual figure could be as high as $2.5 billion. That includes $655 million in smaller claims (under $50,000) and a massive $1.9 billion in larger ones—all removed from the equation due to lack of ID verification.
Why Verification Matters Now
FTX’s current leadership says verifying user identities is critical, especially because the company’s previous management failed to gather even basic user information or carry out proper checks. The new team is working to restore order and follow standard compliance rules.
FTX plans to start repaying its main group of creditors on May 30. The company has promised full cash repayments based on asset values from November 2022, when the exchange went under. So far, FTX has recovered $11.4 billion to distribute—a big step toward closing one of the largest disasters in crypto history.
The process hasn’t been easy. FTX’s legal team says it has received a mind-boggling “27 quintillion” submissions—many of them fake or heavily inflated. It’s a sign of how complicated and messy the case still is.
Even with these challenges, the upcoming repayments mark real progress for former users hoping to get their money back.
Elsewhere in the crypto world, Bitcoin has dropped 1% in the past 24 hours to $83,645. Ethereum is down 0.6%, now trading at $1,815. The market remains on edge as regulators and legal cases continue to affect prices and the industry’s future direction.
The scars of FTX’s collapse are still fresh—and the crypto world isn’t done feeling them.
The post FTX Rejects Nearly 400,000 Claims Worth $2.5 Billion – Here’s What Happened appeared first on Coinpedia Fintech News
FTX’s bankruptcy case has just taken a big step. Nearly 400,000 customer claims—worth up to $2.5 billion—have been rejected after users missed the March 3 deadline to verify their identities. This major disqualification shows how seriously the collapsed crypto exchange is now enforcing Know Your Customer (KYC) rules as it works through legal and financial …
The crypto market has shown consistent growth over the past few days, helping altcoins alongside Bitcoin to recover. However, relying solely on broader market cues or momentum will not sustain price growth.
BeInCrypto has analyzed three altcoins for investors to watch in April, as important developments are set to unfold this week.
Tutorial (TUT)
TUT price has remained stable throughout most of the month, currently hovering below the $0.027 resistance level. Successfully breaching this barrier is crucial for recovering the 53% losses incurred in March. A price rise above $0.027 could signal a positive trend and further upward movement in the coming weeks.
If this trend continues, TUT could push toward the next resistance level of $0.039, indicating strong momentum.
However, if TUT fails to break above the $0.027 resistance, the price could decline below $0.021. Such a drop would likely invalidate the bullish outlook and lead to further losses. In that scenario, the altcoin’s price might fall to $0.015, a significant setback for the token’s recovery.
Injective (INJ)
Injective’s price has surged by 17% in recent days, fueled by anticipation surrounding the upcoming Lyota Mainnet Upgrade. Set to go live on April 22, the upgrade is expected to enhance Injective’s infrastructure, performance, and transaction speeds. This has sparked optimism, driving the price higher in the short term.
Currently trading at $8.97, Injective is nearing the $9.11 resistance level. If it successfully breaches this barrier, the price could move beyond $10.00, potentially reaching $10.35. The positive sentiment surrounding the Lyota Mainnet Upgrade is likely to continue driving the token’s growth if it can surpass these levels.
However, if Injective fails to break through the $9.11 resistance, as seen earlier in April, the price could fall below $8.40. This would signal a retreat and could see the token dip to $7.64, invalidating the bullish outlook and erasing recent gains.
BNB
BNB’s price currently stands at $604, experiencing a two-month downtrend. The altcoin is struggling to breach the resistance of $611. To push past this barrier, BNB needs strong support from the broader market or upcoming developments that could provide a catalyst for price movement and reversal.
One potential catalyst is the Lorentz opBNB mainnet hard fork, which is scheduled for today. The hard fork aims to enhance the chain’s speed and responsiveness. If successful, this could help BNB break the $611 resistance and push the price toward the next level of $647, spurring bullish sentiment.
However, if the hard fork’s impact fails to meet expectations, BNB could struggle to maintain upward momentum. In this case, the price may slip below the support of $576, potentially falling as low as $550. This would invalidate the current bullish outlook and likely continue the downtrend.
Dogecoin (DOGE) has seen a modest recovery in price recently, posting a 36% rise this week. However, this rally faces potential obstacles, as long-term holders (LTHs) have started selling their holdings in significant volumes.
This selling trend could create volatility, hindering Dogecoin’s ability to maintain its recent gains.
Dogecoin Key Investors Take Profit
The Age Consumed metric for Dogecoin has shown a sharp spike, signaling that LTHs are selling their holdings at a pace not seen since June 2023. This increase in selling activity marks the heaviest selling in almost two years, highlighting a shift in investor behavior.
LTHs are often viewed as the backbone of a cryptocurrency, and their decision to sell could introduce heightened volatility in the market.
As LTHs begin to liquidate their positions, this selling pressure could undermine the current rally. The reduction in holdings from long-term investors may also raise concerns among shorter-term traders, creating uncertainty.
The overall macro momentum for Dogecoin is showing mixed signals. According to the Ichimoku Cloud indicator, Dogecoin continues to show bearish momentum. While the candlesticks are above the cloud, indicating a potential uptrend, the pressure from LTH selling could reverse this momentum.
While the Ichimoku Cloud’s position suggests some positive movement, the sustained selling by LTHs could quickly dampen any optimism. If this selling pressure continues, it could lead to a reversal in price momentum, keeping Dogecoin from maintaining its recent gains.
Although Dogecoin’s price has risen by 36% this week, it remains vulnerable to a decline below $0.200. The recent rally, while impressive, is still susceptible to the ongoing selling pressure from long-term holders. As such, Dogecoin could face challenges in maintaining its price above the current levels.
Trading at $0.234, Dogecoin is approaching a critical support level at $0.220. If the price fails to hold this level, it could fall to $0.198, erasing a significant portion of the recent gains.
This would indicate that the selling pressure is overpowering the bullish momentum, potentially triggering a further decline.
However, if Dogecoin manages to secure $0.220 as support and rebounds off this level, it could attempt to flip $0.245 into a support level.
A successful move above $0.245 would pave the way for a rise to $0.268, allowing Dogecoin to invalidate the bearish outlook and maintain its upward trajectory.
