Ethereum Whales Divest Over 5 Million ETH Worth $8.5 Billion
As cryptocurrency markets continue to decline, Ethereum’s largest holders, known as whales, have been selling off their holdings. Data from on-chain analytics firm Santiment reveals that Ethereum whales have been divesting since February of this year, with no indication of a shift towards ETH accumulation. This trend has resulted in Ethereum losing 4.4% of its value over the past week.
Ethereum Underperforms Bitcoin in the Past Year
Bitcoin has outperformed Ethereum in the past year, with Bitcoin’s price increasing by over 42% compared to Ethereum’s 22% increase. This difference in performance is evident in the current market as Ethereum’s price sits below $1,600 while Bitcoin remains above $27,250.
Ethereum Foundation Sells Ether Through Uniswap
The Ethereum Foundation recently sold 1,700 Ether for $2.73 million through Uniswap, marking its largest single transaction of the year. The foundation has sold a total of 2,262 tokens this year, most of which were sold prior to market dips.
Ethereum Foundation Holds Significant Amounts of ETH and Other Altcoins
Despite the sales, the Ethereum Foundation still holds over $500 million worth of ETH in its wallet. Additionally, it holds over $340,000 worth of wrapped Ether (WETH), $38,000 of DAI, $9,700 worth of BNB, and various other altcoins.
Ethereum Futures ETFs Fail to Generate Excitement and Trading Volume
Following the launch of Ethereum futures exchange-traded funds (ETFs) in the United States, these ETFs have not generated the same level of excitement and trading volume as the first BTC futures ETF. The top ETH futures ETFs collectively saw less than $1.5 million in trading volume on their first day, while the BTC futures ETF experienced over $1 billion in trading volume on its debut.
Hot Take: Ethereum Whales Divesting Raises Concerns
The ongoing trend of Ethereum whales divesting their holdings raises concerns about the future performance of Ethereum. The significant sell-off by these large holders indicates a lack of confidence in the cryptocurrency, which has contributed to its recent decline in value. It remains to be seen whether there will be a shift towards ETH accumulation or if the selling pressure from whales will continue. Traders and investors should closely monitor these developments and consider their impact on the market.
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