- Ethereum suffers a 10.4% decline since the beginning of October
- Massive sell-off: Whale offloads over 31,000 ETH in two weeks
- Current trading: Ethereum at $2,371, a drop of 4.6% in the last 24 hours
An Ethereum whale, who has stayed dormant for two years, is once again making headlines by initiating a large-scale sell-off of their Ethereum holdings. The whale, an original participant in the Ethereum ICO, recently released 19,000 ETH valued at $47.54 million. This substantial Ethereum dump has spurred market panic, as the sell-off marks two consecutive weeks of heavy liquidation.
The 2015 Ethereum ICO gave this holder 150,000 ETH at just $0.31 per token, originally worth a mere $46,500. Today, that same Ether is valued at around $358 million, showcasing an extraordinary return on investment. Following a two-year silence, the whale’s sell-off has piqued the interest and concern of the Ethereum community.
Beginning on October 1, the whale sold 4,000 ETH when the price was $2,655 and continued with another 5,000 ETH sold on the same day, accumulating roughly $12.7 million. The next few days saw continuous sales: 6,000 ETH on Wednesday at $2,450, equivalent to around $14.7 million, and a further 4,000 ETH when prices fell to $2,380.
Impact of Ethereum Whale Sell-off on Market Sentiment
The sell-off by this Ethereum ICO participant has come at a time when ETH prices are already dipping, having fallen by over 10% this October. As the whale offloads large amounts of Ethereum, fear and uncertainty ripple through the market. Many investors, worried about the ongoing sell-offs, have even criticized Ethereum co-founder Vitalik Buterin for not taking sufficient action to steady the market’s turbulence.
The downtrend is not solely due to the whale’s activities. Broader geopolitical tensions, especially in the Middle East, exacerbate Ethereum’s struggles. At present, Ethereum trades at $2,371, marking a 4.6% decrease in the past 24 hours.
Institutional Engagement During Ethereum’s Price Drop
While retail investors might be in panic, institutional figures are taking a more strategic approach. A report from Sosovalue highlights that BlackRock’s iShare Ethereum Trust (ETHA) recently acquired 7,631 ETH, valued at $18.04 million. Altogether, Ethereum ETFs have attracted inflows of $14.45 million within the week.
Despite the whale’s substantial offloading, institutional buyers’ interest may offer stability amid the volatility. As Ethereum navigates this selling pressure, the financial community will be keenly watching for further developments.
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