Ethereum Briefly Drops Below $4600

On August 26th, according to HTX market data, Ethereum dropped below $4,500, with a 24-hour decrease of 8.88%.

On August 26th, according to Coinglass data, within the past 1 hour, the total liquidation across the entire network reached $71.8737 million. Among them, there was $70.4133 million in long liquidations and $1.4605 million in short liquidations. Bitcoin witnessed a liquidation of $13.1545 million, and Ethereum had a liquidation of $30.1434 million.

On August 26th, the Ethereum Reserve Concept Stocks on the US stock market generally declined, including: · SharpLink Gaming (SBET.US) decreased by 3.98%; · Bitmine Immersion Technologies (BMNR.US) dropped by 2.49%; · BTCS (BTCS.US) fell by 8.13%; · Bit Digital (BTBT.US) declined by 1.77%; · Coinbase (COIN.US) fell by 2.95%.

On August 26th, based on on-chain data, Abraxas Capital transferred 410,000 HYPE tokens (amounting to 18.5 million USD) to HyperEVM today and then staked all the assets on Kinetiq. Subsequently, they also purchased 25,600 PT-kHYPE tokens (with a value of 1.1 million USD). In the past four days, they have accumulated a total purchase of 120,900 PT-kHYPE tokens (worth 5.4 million USD). Currently, they hold 146,500 PT-kHYPE tokens (valued at 6.5 million USD). These operations are part of their Elysium Global Arbitrage Fund and are carried out in accordance with a fully Delta neutral strategy. BlockBeats Note: A "fully Delta neutral strategy" indicates that the position, through hedging or arbitrage, completely eliminates the risk in terms of price direction. The source of returns comes not from speculating on price movements but from spreads, fees, liquidity incentives, time value, or arbitrage opportunities.

On August 26th, based on on-chain data, the mysterious new wallet address that injected $40 million into HYPE last week has once more sold 186,000 HYPE tokens (valued at $8.6 million). It used the USDC acquired from the sale of HYPE to take a long position in the futures market, establishing a long position of 27,236 ETH ($126 million). This sale was carried out in batches, with each batch being 11,000 HYPE tokens, and each individual sale being approximately $500,000.

On August 26th, according to HTX market data, the price of Ethereum fell below $4600, showing a 24-hour change of -5.00%.