Recently, Ethereum (ETH), the second largest digital asset in terms of market value, has experienced some fluctuations in price. Over the past week, ETH’s value dipped to a low not seen since February, which was at $2,800. Buyers attempted to push the price back up to around $3,200, but it has dropped once more and is now being traded around $3,000.
Whales Cash Out Millions in Ethereum Holdings
Large investors, often called “whales,” have been selling off large quantities of Ethereum (ETH) in response to recent price changes, as observed by on-chain analysis. Notable transactions have been identified as evidence of this trend.
A report on X by Spot On Chain disclosed that an Ethereum ICO participant recently chose to sell 2,000 ETH, getting approximately 6 million USDC in payment. This transaction happened not long ago, and the average price paid per ETH was around $2,997.
An #Ethereum #ICO participant returned to sell 2,000 $ETH for 6M $USDC at $2,997 6 hours ago.
Significantly, the whale obtained 33,213 dollars in ETH during Ethereum’s Genesis event on July 30, 2015, priced approximately at $0.31. To date, 5,110 ETH have been transferred to Kraken or traded on a decentralized exchange for around $12,674 each.
— Spot On Chain (@spotonchain) April 18, 2024
An additional finding from the report was that the owner of the identified whale wallet received a total of 33,213 Ether during Ethereum’s inception on July 30, 2015. The value of each coin at the time of acquisition was roughly $0.31. Subsequently, the whale has either transferred or traded 5,110 Ether via decentralized platforms, with an average selling price of around $2,545. However, despite this recent trading behavior, the wallet still retains approximately 29,700 Ether, which is equivalent to roughly $89.4 million in current value.
A crypto investor and hedge fund manager named Thomas Kralow disclosed in a new report that an individual bought 96,638 Ether in September 2022. Lately, this major investor, also known as a “whale,” moved 5,000 ETH to the well-known cryptocurrency exchange Kraken. Despite holding a significant amount of 76,000 ETH, worth around $233.56 million, it’s unclear if this large Ether holder will continue selling or start buying more during the current market fluctuations.
In addition, data from the blockchain shows that four large investors sold a total of 31,683 ETH, worth approximately $106 million. These latest whale sell-offs have been a significant factor in the 15% price drop of ETH over the last week.
Regulatory Uncertainty Fuels Whale Sell-Offs
The increase in whale sales may be caused by whispers about the SEC’s potential disapproval of a proposed Ether ETF from VanEck. VanEck’s CEO, Jan van Eck, has voiced doubts about the SEC granting approval for their ETF application. Moreover, the recent green light given to an ETF in Hong Kong did not lead to a substantial price increase for Ethereum, adding to the ambiguity.
In spite of whales disposing of their Ethereum and transferring it to different cryptocurrency platforms, the coin’s trading volume has stayed in the green with a 20% increase during the last 24 hours. The upcoming Bitcoin halving makes it difficult to determine if Ethereum will persist in its decline or recover its bullish trend.
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2024-04-18 19:07