The panic among Ethereum coin investors has surged again, despite bullish sentiments supporting the price pump.
Ethereum is the second-ranked crypto blockchain network, known for its highly decentralised structure. Initially launched as a Proof-of-Work (PoW) network, Ethereum transitioned to Proof-of-Stake (PoS) in 2022, unlocking multiple new features for the blockchain.
On October 3, 2024, a whale crypto transaction tracker platform, Lookonchain, noted that an Ethereum ICO participant had been rapidly offloading the asset over the past 7 days.
This #Ethereum ICO participant sold another 19,000 $ETH($47.54M) in the past 2 days!The participant received 150K $ETH(ICO cost was $46.5K, now worth $358M) at #GENESIS.https://t.co/WbaTNzh5T4 pic.twitter.com/p82RcPRYMd
â Lookonchain (@lookonchain) October 3, 2024
This Ethereum whale has sold 19,000 ETH, worth around $47.5 million, in just the last couple of days.
Selling by the previously dormant entity began in late September when more than 12,000 ETH, worth $31.6 million at the time, was sent to the Kraken exchange.
According to Lookonchain, this big ETH holder obtained 150,000 ETH during the ICO in mid-2014. The stash, initially worth around $46,500, is now valued at almost $400 million. On the other hand, some experts noted that institutional investors are willing to gain some better profit, because the nine spot Ether ETFs recorded an inflow of almost $15 million on Oct. 2, driven primarily by BlackRock.
On October 2, the total net outflow of Bitcoin spot ETF was $91.7633m, Grayscale ETF GBTC outflow was $27.3131m, ARKB outflow was $60.28m, and Fidelity ETF FBTC inflow was $21.0812m. Ethereum spot ETF had a net inflow of $14.4499 million, and BlackRock ETF ETHA had an inflow ofâŠ
â Wu Blockchain (@WuBlockchain) October 3, 2024
Impact on Ethereum Trade Price
The month of October started with Ethereum trading at $2,600, but it has now dropped to around $2,350. This means that in just four days, the price of ETH has plunged by more than 10%.
The current trade price of #Ethereum is $2,350 pic.twitter.com/pS4Je6taVY
â Bitcoinik (@Bitcoinikdotcom) October 3, 2024
The rapid sale of a large stash of Ethereum by big players and the crashing price is causing high levels of panic among the Crypto investors. It is expected that the price of ETH could face further correction if this or similar whales continue selling ETH at this rate.
Read also: Bitwise Files for First-Ever XRP ETF, But XRP Price Plummets 12% Following Announcement
