The price of Ethereum (ETH) is falling after selling off $25 million worth of Ethereum: what's next?
The price of #MarketDownturn (ETH) is falling after selling off $25 million worth of Ethereum: what's next?
One of the biggest whales recently sold $154 million worth of #MarketDownturn , adding to market anxiety. Technical indicators are pointing to the possibility of a further drop in the price of ETH. Venture capital firm BlockTower Capital has completed a major $25 million purchase of Ethereum (ETH). When the price of Ethereum moves significantly, a ripple effect can occur.
After 9,232 ETH was liquidated, speculative fluctuations began in the market. The transaction was carried out on several well-known #cryptocurrency trading platforms.
This significant liquidation by BlockTower Capital occurred amidst broader market turmoil. Ethereum's price is currently deviating from the $2,700 resistance level. This event has important implications for the future trajectory of major #altcoins .
As reported by LookonChain, BlockTower Capital conducted a major sell-off of Ethereum on August 13. The assets were subsequently distributed across multiple trading platforms.
Below are the details of the sale: FalconX: 3,537.81 ETH; B2C2.
Group: 2,954.28 ETH, Wintermute Trading: 2,090.24 ETH and Cumberland: 639.28 ETH.
This strategic liquidation led to a surge of speculation in the market. The sell-off is timed to coincide with a significant downturn in the cryptocurrency market. Both #MarketDownturn and Ethereum suffered losses on August 12.
BlockTower's decision signals a promising shift in market sentiment and widespread caution among institutional investors.
Following the sale of Ethereum by BlockTower Capital, there has been a significant shift in investment behavior by institutional investors across a wide range of markets.
It is important to note that this whale, which raised 1 million ETH at a price of $ 0.
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