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Major ETH Movements from PlusToken Wallets: Implications for the Market

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2 hours ago

Around 7,000 ethers valued at $16.7 million have been moved from addresses associated with the infamous PlusToken scheme, causing concern in the cryptocurrency market.

Movement of Seized Ether

According to researcher ErgoBTC, the recent transfer of 7,000 ETH from PlusToken-linked wallets marks a significant activity after these wallets remained inactive since 2021.

Current ETH distribution follows the same attempted obfuscation pattern as that of the BTC in 2019, with a likelihood of full sale of the $1.3 billion of ETH in the future.

Historical Context

Between 2019 and March 2020, a significant portion of the seized Bitcoin was sold, causing notable volatility in the market.

Impact on Ethereum Market

This movement has already impacted the Ethereum market: following the news, ETH's price dipped below the $2,400 mark, indicating growing concerns about additional sell pressure.

If the remaining 542,000 ETH, worth over $1.3 billion, are sold, the Ethereum market may face further pressure, potentially driving prices below the $2,000 threshold.

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