- The Ethereum sell-off trend is still on.
- A major whale has offloaded a significant portion of their holdings.
- The ongoing market shake-up is taking a toll on ETH’s price.
In recent weeks, the Ethereum ecosystem has experienced major sell-offs of its native token, Ether (ETH), the second-largest cryptocurrency by market capitalization. This trend has largely been driven by significant selling activity among high-profile holders, stirring uncertainty among investors, particularly amidst the asset’s struggle with underperformance.
Although the trend recently appeared to be easing, recent developments have reignited the concerns.
Ethereum ICO Whale Dumps
A major sell-off by an Ethereum whale has added to the ongoing FUD over the weeks-long Ethereum dump trend. On Thursday, October 3, 2024, the on-chain analytics platform Lookonchain spotlighted another 19,000 ETH sale by an ICO participant.
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The sales, worth approximately $47.54 million at current prices, occurred over a two-day span. They followed a previous deposit of 12,010 ETH to the crypto exchange Kraken after a two-year dormancy period.
The latest transaction also comes barely a week after the Ethereum Foundation sold about 400 ETH over a three-day period, bringing its total sales this year to 3,566 ETH.
As the trend persists, concerns are growing that frequent sales could put further downward pressure on the already struggling native token, especially amid broader market uncertainty.
Ethereum Slips 10% Amid Market Shakeup
Trading around $2,355 at press time, Ethereum’s price reflects a 3% decline in the last 24 hours and a cumulative drop of over 10% in the past week.
The recent price slide aligns with the broader ongoing crypto market downturn, which began earlier in the week in response to escalating geopolitical tensions.
However, Ethereum has struggled to maintain a stable upward trajectory beyond the broader market turbulence, with its price swinging between highs and lows over the past several months.
Ethereum’s current value sits significantly below its year-high of $4,066, which it achieved earlier in the year.
On the Flipside
- Ethereum co-founder Vitalik Buterin also recently conducted major asset sell-offs, labeling them as targeted towards donations.
- Despite the downward pressure on ETH’s price, the recently launched Ethereum ETFs recorded over $14 million in inflows on October 2.
Why This Matters
While occasional asset sales are normal in the market, a continuous streak of sell-offs, particularly from major players, can fuel negative sentiment across the Ethereum ecosystem.
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