The whale that bought ETH in 2014 started selling: They are abandoning the ship!

According to the onchain data platform Lookonchain, a whale that bought ETH in the ICO (pre-sale) started selling heavily.

The rise of Layer-1 projects, especially Solana and Sui, has almost undermined Ethereum's performance. The fact that not enough money is flowing into spot ETFs has pulled the ETH price down to lower levels every day. In addition, early Ethereum investors increased their sales. In addition, the continued sales of a whale that bought Ethereum in the ICO in 2014 increased the panic in the market.

The mysterious ETH whale has been selling 19,000 ETH (approximately $47.5 million) per day in recent days. The whale, who bought 150,000 ETH at a total cost of $46,500 in the Ethereum ICO, created fear with its transfer transactions. When considered today, this amount is approximately $400 million. The fact that the whale sold 19,000 ETH in just a few days naturally confused people.

The Ethereum leader has lost 10 percent of its value since the beginning of October. The pioneer of altcoins was trading at $2,650 on October 1, but fell to $2,365 on October 3 and fell 3.7 percent during the day. With this decline in Ethereum, altcoins in general have melted by nearly 10 percent.

Even if spot Ethereum ETFs see net inflows, they are insufficient. While $14.45 million in net inflows were recorded in exchange-traded funds (ETFs) in the US on Wednesday, $48.52 million in outflows were recorded the day before. When we look at the current process, there is no positive signal from spot ETFs towards the altcoin market. The increase in net inflows and their serialization will be an important factor for altcoin investors.

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