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Major Investors Sell Ethereum

After a brief recovery over the weekend, the price of Ethereum (ETH) has fallen below the $3,000 mark again. Investors are losing interest in the asset, which has fallen by a total of 16% over the past week.

Spot On Chain Analysts drew attention on two major investors who dumped a combined 13,680 ETH worth $41 million.

Smart Money Takes Bearish Stance on ETH

July 7 address smartestmoney.eth brought out all of his Ethereum tokens — 6,440 ETH worth $19.5 million — were deposited on the Binance cryptocurrency exchange.

According to experts, the whale’s latest deal ended with a loss of $1.65 million. Over the past three weeks, the investor withdrew about 9,939 ETH from Binance at an average cost of $3,442, and then decided to buy them back at $3,175.

Over the entire period, the user’s total profit from trading the second-largest cryptocurrency was $23 million. However, taking into account the latest unsuccessful deal, the figure dropped to $20.6 million.

“Please note: We also noticed that the whale often withdrew ETH to Binance in a panic after the price dropped,” Spot On Chain added.

smartestmoney.eth transactions. Source: Spot On Chain

Another big player brought out from address “0x742” the last 7,240 ETH, now valued at $21.4 million, to the Kraken trading platform. According to Spot On Chain, the whale held these tokens for more than a year and a half. His total profit was $12.83 million.

Transactions of whale “0x742”. Source: Spot On Chain

What’s Happening to the Price of Ethereum and the Crypto Market in General

According to CoinGeckoat the time of writing, Ethereum is trading at $2,993, having fallen by 0.5% over the past day. At the same time, over the week, ETH quotes have fallen by almost 16%. The minimum during this time was $2,847, broken on July 5.

The main reason for the fall of the second-largest cryptocurrency by market capitalization is the decline of the broader cryptocurrency market. This was caused by the negative dynamics of Bitcoin (BTC), which has been steadily falling against the backdrop of negative inflows into spot ETFs and fears among crypto community members about payouts from the Mt. Gox trading platform that collapsed in 2014.

Many users fear that after receiving the funds, creditors will immediately start selling them. As a result, this will increase the selling pressure on Bitcoin, causing its price to fall even further. However, not everyone agrees with this position. For example, Alex Thorne, head of research at Galaxy Research, believes that the risks associated with Mt. Gox’s debt repayment are greatly exaggerated.

BTC is currently trading at $56,704, according to CoinGecko. Some experts are of the opinion that the cryptocurrency has reached a local bottom. According to them, no further decline is expected.

The crypto market is currently awaiting the launch of Ethereum-based spot ETFs. Analysts are confident that the emergence of such an instrument in the US will have a positive impact on the ETH price.

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Source: Cryptocurrency

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