As the Ethereum whale from the ICO era offloads an additional 3000 ETH today, the ETH/BTC trading pair reaches its lowest levels since 2021.
The Ethereum (ETH) price has remained in a sideways trend, hovering around $2,550, despite most altcoins attempting to surge upward.
The ETH/BTC pair has also declined, reaching its lowest since 2021. Conversely, the Ethereum billionaire dumping persists as veteran ecosystem participants dispose of their stake.
Ethereum whale Continues the dump
According to the data provided by Spot on Chain, an Ethereum ICO participant deposited an astonishing 3,000 ETH, valued at $7.63 million, to the crypto exchange Kraken after nearly four months of inactivity.
In July 2015, the participant received 254,908 ETH at the Genesis block, valued at a mere $79,000.
The Ethereum whale had acquired the ETH tokens at the ICO price of approximately $0.31 per ETH. This whale currently possesses 37,070 ETH, estimated to be worth $94.3 million.
The most recent Ethereum whale offloading occurred even though Ethereum co-founder Vitalik Buterin disclosed significant Ethereum ecosystem updates intended to increase transaction speed and decrease gas fees.
The day prior, he also disclosed how the ‘The Verge’ upgrade would decrease the hardware requirements and enable node operations to be accessed by all devices. However, the Ethereum price has yet to respond favorably to this news. In its most recent report, 10x Research observed:
“A series of overly academic articles from Ethereum founder Vitalik Buterin, combined with declining revenues, has contributed to Ether’s price correction amid resurfacing macroeconomic challenges”.
Ethereum/Bitcoin pair continues to experiences decline
The absence of demand for the world’s largest altcoin is evident in the technical charts as Ethereum continues to lose ground to its rival Bitcoin. Crypto analyst Benjamin Cowen noted that the ETH/BTC pair has recently surpassed its previous low. He observed that the subsequent objective could be approximately 0.036 if the support level at 0.038 is not maintained.
Cowen anticipates that the cycle’s minimum will occur by the year’s conclusion, or at the very least, by the second week of January. During the Ethereum whale activity, the Ethereum price is currently trading at $2,527.11, down 1.96% as of press time, with a market capitalization of $304 billion.
In April, August, and December of 2016, ETH experienced substantial declines. Similarly, ETH has experienced significant declines in April and August of 2024, prompting Cowen to anticipate a reasonable likelihood of an additional drop before the year’s conclusion, with the low potentially manifesting in December.
Additionally, the demand for spot Ethereum ETFs is subdued, in contrast to the robust inflows in Bitcoin ETFs.
