The morning of March 24 started off busy, indicating a very busy day in global markets where geopolitical headlines and on-chain movements were priced at the same time. In the highlight chart of the day, notable large transactions on the Ethereum side, highly leveraged direction change in Bitcoin, sharp retreat in gold prices and excessive selling pressure in some altcoins came to the fore. The general outlook of the market showed that investors tended to both hedge risks and look for opportunities at the same time.
Are Whales Returning in Ethereum?
One of the first striking data of the day came from the Ethereum side. According to OnchainLens data, a newly created wallet took a position for staking, withdrawing 10,899 ETH from Binance, worth approximately $23.5 million. This transaction showed that major players continue to seek long-term returns in ETH and consider current price levels not only as an area for short-term volatility, but also as an accumulation floor.
According to HyperInsight data, a newly opened address starting with “0x999b” deposited approximately 700 thousand dollars of collateral and opened a 25x leveraged short position of 8,500 ETH, worth approximately $19 million, just 10 minutes after it was established. The average entry price of the position was recorded as $2,163 and the liquidation level was $2,196. Shortly after the transaction was opened, it was seen that this address was in profit of approximately 80 thousand dollars. This table showed that the short-term downside expectation in Ethereum is still kept alive by large capital.
The only pressure on the ETH side was not limited to this. Again, according to HyperInsight monitoring, another whale address starting with “0xe60d” opened a new short position of 3,708 ETH about 30 minutes ago. The average entry level of this transaction, which was approximately $8.03 million in size, was $2,152 and the liquidation price was $2,251.91. The fact that the position in question was at a loss of approximately $46,800 at the time it was reflected in the news flow reveals that the market moves very harshly and indecisively in the short term.
The Market is Getting Harder in Bitcoin!
On the Bitcoin front, it was seen that the search for direction was even harsher. A whale address starting with “0x93115” opened a 40x leveraged short of approximately 176 BTC. The size of the position was calculated as approximately $12.48 million. However, after a limited loss of approximately 7 thousand dollars, the investor quickly changed direction and this time moved to a 40x long position of 190 BTC, worth approximately 13 million dollars. The average entry price was shared as $70,963.6 and the liquidation level was $67,599. The fact that the same investor recently made a total loss of approximately 8.5 million dollars in high leverage BTC transactions suggested that the aggressive intraday changes in direction were increasingly placed on a speculative basis.
Agenda Middle East in Macro
On the macro front, headlines originating from the Middle East were decisive in pricing. While Israeli officials stated that it was unlikely that Iran would bow to US demands, it was reported that Donald Trump seemed determined to make a deal with Iran. In parallel, information that Pakistan is actively mediating to establish diplomatic contact between the USA and Iran and that Islamabad is intended to become a contact point for possible negotiations attracted attention. The fact that the energy flow through the Strait of Hormuz is of critical importance for global oil and natural gas markets has made this diplomatic traffic important not only politically but also financially.
This geopolitical situation had its clearest impact on gold prices. Spot gold, which peaked at around $5,594 in January, fell by approximately 21 percent with the last sharp pullback, technically entering the bear market. In the analysis, liquidity tightening, approximately 3 percent increase in the dollar index, investors’ closing of positions and the need for portfolio balancing came to the fore as effective factors in this decline. Trump’s postponement of possible attacks on Iranian energy facilities was also considered as a factor that weakened the demand for a safe haven. Despite this, disagreement continues on the long-term outlook. Some Wall Street institutions and strategists continue to interpret the decline as a sign of deleveraging and short-term mispricing, not structural disruption. Ed Yardeni’s maintenance of the gold target of 10,000 dollars by the end of the decade was one of the headlines that supported this optimistic wing.
On the crypto side, purchases reflected in company balance sheets also attracted attention. With its notification dated March 24, China Real Estate Investment announced that it purchased a total of 402.91 BNB from the open market and spent approximately 2 million Hong Kong dollars for it. It was previously known that the company had previously approved at the board level the plan to evaluate digital assets with a strategic reserve approach. This step stood out as one of the examples showing that institutional players have begun to consider not only Bitcoin but also selected altcoins as reserve assets.
What’s Happening in Bitlayer?
One of the harshest movements of the day in altcoins was experienced in Bitlayer’s native token BTR. According to EmberCN data, the token price lost 80 percent of its value, falling from approximately $ 0.20 to $ 0.04, which started yesterday afternoon. It was stated that the main center of this harsh sales wave was South Korea-based Bithumb, and approximately 140 million BTR, corresponding to 41 percent of the circulating supply, flowed heavily into the stock exchange in the last 24 hours. Analysts emphasized that such large and short-term inflows generally indicate strong unilateral sales pressure, and that it should not be ignored that large investors or related parties may have made mass sales. In conditions of weak liquidity, such flows are thought to further accelerate panic selling.
