The cryptocurrency market for Ethereum witnessed interesting movements yesterday, including the sale of a significant portion of staked ETH by a major investor, coinciding with an increase in Ethereum's price.
Whale Distribution of Staked ETH
A major investor, who previously bought 132,536 ETH for $333.79 million, sold 33,585 staked ETH for approximately $85.38 million. The average sale price was $2,542.2. Despite this significant sell-off, the investor still holds around 100,000 ETH, worth about $260 million.
Institutional Accumulation of Ethereum
Meanwhile, other institutional investors appear to be actively accumulating Ethereum. For instance, a wallet likely linked to Cumberland withdrew 34,883 ETH (approximately $89.45 million) from Binance in the past week. Another wallet withdrew 7,200 ETH (around $18.37 million) from Kraken. This indicates that large players continue to believe in Ethereum's potential.
New Initiatives by Vitalik Buterin
Amidst all these changes, Ethereum co-founder Vitalik Buterin is reportedly preparing a new initiative aimed at addressing decentralization and governance issues in Ethereum. While details remain undisclosed, speculations suggest that the planned upgrades will help improve the situation surrounding these concerns.
The recent sell-offs and purchases in the Ethereum market highlight the activity from both large investors and institutional participants. While some are liquidating assets, others are accumulating, underscoring the complexity of the current market situation.
