Bitcoin and Ethereum Prices Plummet After Whale Dumps $2.7 Billion in BTC, Analyst Predicts $5,000 ETH "Really Soon"

Bitcoin, Ethereum, Dogecoin, and XRP slipped after a whale dumped $2.7 billion worth of BTC. The sudden plunge liquidated $562 million from the market, with long liquidations accounting for $426 million. Ethereum hit a record high of $4,953.73 but fell below $4,700. Analysts predict Ethereum will reach $5,000 soon. The global cryptocurrency market capitalization decreased by 2.14% to $3.92 trillion.

Ethereum (ETH) reached a new all-time high of $4,953.73 on July 2, 2025, following a significant market shift triggered by a whale dumping $2.7 billion worth of Bitcoin (BTC). The sudden plunge in BTC liquidated $562 million from the market, with long liquidations accounting for $426 million. Ethereum's price subsequently fell below $4,700, but analysts predict it will soon reach $5,000. The global cryptocurrency market capitalization decreased by 2.14% to $3.92 trillion.

The recent surge in Ethereum's price can be attributed to several factors. The cryptocurrency has seen a surge in demand from exchange-traded funds (ETFs) and traditional finance firms. U.S. spot Ethereum ETFs collected over $1 billion in inflows in a single day, highlighting the growing institutional interest [1]. Additionally, Ethereum's regulatory environment has become increasingly favorable, with the Securities and Exchange Commission (SEC) clarifying its guidance on staking and the passage of the GENIUS Act, which provides a U.S. regulatory framework for issuing stablecoins [1].

The Ethereum ecosystem has also seen significant growth. Companies like Bitcoin miner BitMine Immersion and SharpLink Gaming have expanded their holdings in Ethereum, following the lead of Bitcoin treasury company Strategy. These developments have inspired dozens of other companies to invest in Ethereum and other cryptocurrencies [1].

The market's reaction to the BTC dump has been swift. While Ethereum's price initially surged to a new high, it quickly fell below $4,700. The sudden market volatility highlights the continued risk and uncertainty in the cryptocurrency market. Despite the short-term setback, analysts remain optimistic about Ethereum's long-term prospects. The Ethereum price target from Standard Chartered has been raised to $7,500 by the end of the year, with a projection of $25,000 by 2028 [2].

In contrast, Polkadot (DOT) is attempting to recover after a pullback, with analysts predicting a potential move into the $5.50–$6.50 range if resistance breaks. The market remains split on Polkadot's prospects, with optimistic targets as high as $13.50 and more cautious views closer to $3.70 [2].

BlockDAG, a project focused on blockchain education and mining, has seen steady progress despite the market volatility. The project has raised over $380 million, sold 19,360 X Series miners, and reached 2.5 million users mining through its X1 app. The introduction of the BlockDAG Academy, a three-level learning hub with on-chain credentials, further strengthens the project's momentum [2].

In conclusion, while the cryptocurrency market has experienced significant volatility following the BTC dump, Ethereum's record high and growing institutional interest suggest strong fundamentals. The global market capitalization decreased, but the long-term outlook for Ethereum remains positive. The market's focus on Ethereum's potential and the steady progress of projects like BlockDAG indicate a resilient ecosystem.

References:
[1] https://finance.yahoo.com/news/ethereum-hits-time-high-price-213405633.html
[2] https://thecoinrise.com/blockdags-19k-miner-sales-academy-growth-surpass-ethereum-eth-price-target-polkadot-dot-price-prediction/