From CryptoPotato · By Jordan Lyanchev
Although the entire cryptocurrency market is deep in the red once again today, Ethereum’s ETH has been hit the hardest among the larger-cap digital assets.
The leading altcoin is down by over 5% on a 24-hour scale and currently sits inches above $2,100. Hours ago, though, it plummeted to another multi-month low of $2,070, putting the key $2,000 support in focus again.
ETH Crash Wipes Out Whales
The market-wide crash on Monday morning took ETH by storm, driving the asset to the aforementioned multi-month low. However, it hasn’t been the first such case in the past few weeks, as the broader market landscape quickly worsened following the Binance hack at the end of October.
Last week’s midterm elections in the US brought another volatility wave, and ETH pumped to $2,450 at the time. The subsequent rejection first pushed it to $2,200, another key support level that held, before this morning’s leg down drove it below $2,100.
This intense move south has harmed major whales. Onchain Lens reported that a Hyperliquid trader lost nearly $20 million on ETH longs across two accounts. Their combined PnL stands at -$44.78 million, and they are down by over $33 million in the past month alone.
HYPERLIQUID TRADER LOSES $19.86M ON ETH LONGS ACROSS TWO ACCOUNTS
The trader got liquidated for an $11.89M loss on the first account and closed the ETH long on the second, booking another $7.97M loss.
Combined PnL:
• Last 30 days: -$33.34M
• Lifetime: -$44.78M
@HyperliquidX https://t.co/yYWNmPyiwk
— Onchain Lens (@OnchainLens) November 9, 2026
CoinGlass data shows that the single-largest observed liquidation order also involved ETH. It was worth a mind-blowing $48.16 million, and it took place on Binance.
Buying the Dip
While those market participants used excessive leverage to get ETH exposure, others have turned to spot buying. Lookonchain data from this morning showed that whales have bought the ETH dip as the asset tanks.
One borrowed 22 million USDT from AAVE and spent almost all of it to acquire 10,000 tokens at an average price of $2,155, which is still slightly above the current spot level.
Another big player withdrew 3,500 from Binance this morning, worth $7.5 million. Moreover, their total withdrawals over the past week are up to 16,577 ETH ($37.5 million).
Whales are buying the $ETH dip as the market crashes!
Wallet 0xFD10 borrowed 22M $USDT from Aave, then spent 21.55M $USDT to buy 10,000 $ETH at $2,155.
Wallet 0x4AB7 withdrew another 3,500 $ETH ($7.53M) from #Binance 10 minutes ago, bringing its total withdrawals over the past week to 16,577 $ETH ($37.5M).