The recent actions of a prominent Ethereum investor have raised concerns in the crypto market. This investor, who had a large ETH holding from the Ethereum ICO, has entered a large-scale sell-off. The ongoing sell-off has caused significant market backlash and speculative discussions in the community.
A well-known ICO whale recently sold 5,000 ETH, causing a 4% drop in the price of Ethereum. Having accumulated 1 million ETH at a low price during the ICO, this investor is systematically selling his assets. With the current price of ETH around $2,500, these sales are causing significant fluctuations in the market.
The whale has been showing a clear sell-off trend, regularly selling large amounts of ETH. Last month, it deposited 48,500 ETH worth around $154 million on the OKX exchange. This aggressive dumping of assets has raised concerns among market watchers. Technical indicators are giving bearish signals that ETH prices could fall to as low as $1,830, which could be a sign of increasing selling pressure.
Another factor that complicates the situation is the increase in Ethereum long position liquidations. According to Coinglass data, $33.28 million long positions and $11.88 million short positions were liquidated. These large liquidations indicate increased market sentiment and downside risk. Moreover, despite $105 million inflows into spot Ethereum ETFs last week, market sentiment remains mixed.
Another factor that further complicates Ethereum movements is the transfers associated with the Plus Token Ponzi scheme. It has been reported that a significant amount of ETH seized by the Chinese government was transferred. Specifically, it is stated that approximately $2 billion worth of ETH was moved from government wallets. Despite assurances that these transfers will not affect price movements, they are fueling speculation.
These large ETH movements and the whaleâs aggressive selling have left the community on edge. The transfer of 789,534 ETH to exchanges like Bidesk further raises concerns. Although large amounts of assets have already been sold, these volumes could pose potential threats to the market.
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