Whales Dump $745M in Ethereum! Is This the End of ETH's Bull Run?
Ethereum (ETH) is currently grappling with a series of setbacks, including a significant price decline and the closure of prominent Ethereum-related investment products. As of September 2024, Ethereum's price has dropped below $2,350, facing pressure from both macroeconomic factors and substantial on-chain activity.
VanEck Shuts Down Ethereum Strategy ETF
One of the major developments affecting Ethereum is the announcement by asset manager VanEck to close and liquidate its Ethereum Strategy ETF (EFUT). The fund will cease trading on September 16, 2024, and liquidate by September 23. VanEck's decision is part of a broader assessment of its ETF offerings, driven by factors such as performance, liquidity, and investor interest. This move signals a strategic shift in VanEck's approach to crypto-related products but does not imply a complete exit from the digital asset market.
VanEck continues to manage other crypto-focused products, including its Digital Assets Mining ETF (DAM) and Bitcoin Strategy ETF (XBTF), and is also exploring potential launches, such as a spot Solana ETF. The closure of the Ethereum futures ETF, however, marks a significant moment as the asset manager realigns its strategy in response to shifting market conditions.
Ethereum Price Drops Below $2,350
Ethereum's price has seen a marked decline, .
Whale Activity Suggests Further Bearish Momentum
Adding to Ethereum's challenges, recent on-chain data reveals that whalesâlarge holders of ETHâhave transferred over 312,183 ETH (approximately $745 million) into centralized exchanges. These inflows suggest that whales may be preparing to sell, which typically signals further downward pressure on the assetâs price. The increased inflow of Ethereum into exchanges has added to the overall bearish sentiment surrounding the cryptocurrency.
