- Ancient Whale Dumps 10.5k Ether
- Ethereum Faces More Pressure
- Ethereum and Selling Pressure: Analysis and Consequences
In the latest cryptocurrency news, an ancient whale recently became active and sold a significant amount of Ether (ETH). This sale coincided with a period of increased market pressure.
Ancient Whale Dumps 10.5k Ether
According to data shared by Spot on Chain, the ancient whale account has dumped 10,595 ETH (approximately $24.7 million) on the market over the past day. These sales were made almost continuously without considering market conditions. On September 15 and 16, the whale sold 2,364 ETH (approximately $5.44 million) at an average price of $2,302. The rest was sold off over the last 48 hours. The wallet now holds 6,042 ETH (approximately $14.7 million), which is 36.3% of the original amount. The estimated profit from its holdings turns out to be 451x (worth approximately $39.34 million).
Ethereum Faces More Pressure
Crypto analyst Ali reported that more than 547,600 ETH have been deposited to crypto exchanges in the last three weeks. The cumulative amount of these Ether stands at $1.26 billion. Lookonchain shared that an Ether ICO participant also deposited 10,000 ETH (worth approximately $24.37 million) into the crypto exchange Kraken after a two-year dormancy. This whale wallet had received around 50,000 Ether at an ICO cost of $15.5K, which is now worth approximately $121.85 million.
Ethereum and Selling Pressure: Analysis and Consequences
The biggest altcoin is already dealing with selling pressure, which is reflected in its price performance. ETH price dropped by over 30% in the last 60 days but recorded a slight recovery in recent days. ETH is trading at an average price of $2,425 as of press time. Ethereum spot ETFs recorded a total net outflow of $9.738 million yesterday, marking day three of their outflow streak.
The situation with the ancient whale selling ETH and large deposits to exchanges continue to increase market pressure on Ethereum, which may affect its future price performance.
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