Ethereum Drops 10% as U.S and Israel Strike Iran, Whale Buying the Dip

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Ethereum, the world’s second-largest cryptocurrency, has fallen 10% today after the U.S. and Israel strike Iran. The sharp drop triggered heavy liquidations across the market, wiping out billions from its market value. Even large traders, including Machi Big Brother, were liquidated.

Despite the crash, some Ethereum whales continue to accumulate heavily.

Ethereum Drops 10% as US and Israel Strike Iran.

The United States and Israel launched a coordinated operation reportedly targeted at an Iranian military facility to counter nuclear threats.
Meanwhile, the situation has intensified now as Iran retaliated with missile and drone attacks on Israel and U.S. bases in the region, including reported launches toward Qatar, Bahrain, and Abu Dhabi.

Within an hour of the news breaking, the ETH price dropped to around $1,850, down roughly 10% within just one hour. Ethereum has erased all the gains it made three days ago when it touched $2,000. 

Meanwhile, the ETH token price has dropped nearly 37% in a month.

$155 Million ETH Liquidated as Long Traders Wiped Out

The sharp drop triggered heavy liquidations across derivatives markets. In the past 24 hours, 16,630 traders were liquidated, with total liquidations reaching $155.40 million. Around 88% of those liquidations came from long positions.

Among the notable liquidations was well-known trader Machi Big Brother. According to on-chain tracker Lookonchain, his 25x leveraged long position of 304 ETH was force-closed near the $1,863 level. 

Just four days earlier, he deposited $245,000 in USDC into Hyperliquid to reopen his trade. Most of that money is now gone, and the wallet balance is close to $13,580.

Overall, his tosses have crossed $29 million.

Ethereum Whales Continue Accumulating: Cryptoquant

While retail traders faced liquidations, Cryptoquant data shows that some large holders used the dip as a buying opportunity. On February 28, a whale identified as 0x172 borrowed $7 million USDC from Aave during the downturn and purchased 3,753 ETH at an average price of $1,865.

The wallet now holds 15,964 ETH, valued at approximately $29.68 million. The move suggests that some large investors view the correction as a temporary reaction rather than a long-term structural decline.