Jesse Powell suggested an ether whale might have "decided to dump his life savings."
Jerome Powell is likely to reiterate the Fed's pro-stimulus stance later today, possibly putting a floor under bitcoin and stocks.
The three-month high liquidation volume comes as Ethereum fees in dollar terms set a new record mark of $29 per basic transaction.
Analysts are mixed on how low bitcoin might go if a bigger pullback is seen.
Ether hit a new record of $2,017.01, before settling back to $2009.59, up 5.44% in the last 24 hours with the market capitalization of the crypto hitting $230.7 billion.
The price could go higher, unless traders start taking profits.
The price of the leading cryptocurrency hit a new all-time high just shy of $53,000.
Bitcoin and ether continue to rise, but that could create problems for overheated derivatives markets.
Bitcoin's market is over-leveraged now as the cryptocurrency continues its run higher.
Markets think the latest bull run will continue.
The bank's analysts pointed to gold's much lower volatility.
Rising bond yields are a threat to prices of hedge assets, but bitcoin is soaring as gold falls.
“We are at all-time-highs territory [and] the market still has to make up its mind" about next resistance or supporting levels, says one broker.
De acuerdo a analistas, la criptomoneda necesitará una mayor cantidad de compras al contado para mantenerse por encima de esa marca
Bitcoin had been most-crowded trade in January as prices rose to a $40,000 record.