This whale acquired one million ETH during the Ethereum ICO Whale at $0.31 and has been steadily selling off large amounts.
One of the most renowned whales in the Ethereum (ETH) market has recently dumped another 5,000 ETH, which is a situation that can be considered alarming.
This whale received one million ETH at a price of just $0.31 at the start of the Ethereum initial coin offering (ICO). Since then, they have continued their unloading spree.
Additionally, the cryptocurrency ecosystem felt tremors as the price of ETH fought to stay at $2,500, following a drop of more than 4% in the previous twenty-four hours.
Ethereum ICO Whale Continues ETH Selloff Spree
Earlier today, the whale made another deposit of 5,000 ETH to the OKX cryptocurrency exchange, which is equivalent to around $13.2 million. This is the most recent in a string of large-scale ETH dumps that the whale has been responsible for.
Furthermore, during the previous month, they made a total deposit of 48,500 ETH to the exchange, which is equivalent to $154 million. His dumping activity has demonstrated a continuous and frightening growth rate, causing significant anxiety within the Ethereum community.
The whale’s recent actions have prompted widespread concern among the Ethereum community. The whale started off by selling one thousand ether on July 8th, 2024.
During that time period, both the frequency and volume of his deposits gradually increased. After the dump value initially increased to 1,500 ETH, the total amount gradually increased to 2,000 ETH, then to 2,200 ETH, and finally to 2,800 ETH.
The Ethereum ICO whale has lately made three consecutive deposits of 5,000 ETH each. The Ethereum ICO whale has consistently made these deposits. The market has been concerned about this aggressive dumping tactic, which has resulted in the price of Ethereum falling by more than 4% to $2,500 today.
People are worried that the Ethereum ICO whale might dump more tokens, potentially causing a future drop in the price of ETH. Internet users have specifically expressed concern about the whale’s remaining bitcoin holdings, totaling 951,500, estimated to be worth an astounding $2.41 billion at the current pricing.
It is possible that the presence of such a large quantity of Ethereum on the market could have a disastrous effect on the cryptocurrency’s price stability.The bulls are currently attempting to drive the price back near the $3,000 threshold, and market participants are monitoring this attempt with considerable interest.
In light of the imminent death cross that will occur between the exponential moving averages (EMAs) of 50 days and 200 days, it is possible that selling pressure will become more intense in the days ahead.
The price of ether could potentially fall to $1,830 if this technical pattern, which is typically associated with a bearish view, continues to play out. Liquidations of long positions in Ethereum increased, contributing to the pessimistic attitude.
We liquidated long positions worth $33.28 million and eliminated short positions worth $11.88 million. Because of the magnitude of these liquidations, there is a significantly increased possibility that the price of ETH will continue to trend downward.
In contrast, Spot Ethereum exchange-traded funds (ETFs) saw a staggering $105 million in inflows during the previous week as a result of the strong start. Even if there was a growing sense of confidence regarding the flows of ETFs, the week came to a conclusion with three consecutive days of losing money.
As a result, the exchange-traded fund (ETF) market indicates a complicated strategy, and analysts from QCP Capital have pointed out a shift in attention to Bitcoin ETFs.
The Chinese government allegedly prompted the latest ETH movements, which coincided with the Ethereum ICO whales’ dump of their holdings. On August 8, wallets seized from the Plus Token Ponzi scheme allegedly moved a total of two billion dollars’ worth of Ethereum.
EmberCN’s investigation revealed the transfer of a substantial amount of Ethereum, totaling 789,534 ETH, to the Bidesk exchange. Several different wallets initiated this transfer between June and September 2021.
However, Huobi, a cryptocurrency exchange, received these Ethereum assets after the exchange filed for bankruptcy later that year. The transfer of 268,843 ETH into Bidesk through four distinct deposit addresses is particularly noteworthy.
It is interesting to note that some of these Ethereum assets were never transferred to Bidesk in 2021, while others were removed from Bidesk but have not yet been transferred to Huobi since then.
Additional results from the inquiry indicate that twelve addresses came into possession of this in connection with the Plus Token Ponzi scheme, which was valued at $63.1 million in the previous week’s transfer.
As an additional point of interest, the Ethereum ICO whale described above sold 5,000 ETH on the same day. Because of this, EmberCN concluded that the Chinese government most likely sold a significant amount of the 789,534 ETH in 2021.
Because of this, the most recent movement of around 63 million ETH should not cause the market to suffer major damage. Nevertheless, this dump, in conjunction with significant long liquidations, the Ethereum ICO whale dump, and a decrease in interest in ETH ETFs, gives rise to a precautionary attitude.
