Crypto Whale Conducts Massive Ethereum Sell-Off
A tweet from the blockchain analytics platform Lookonchain on Sunday revealed that a cryptocurrency wallet connected to Hashkey, a Hong Kong-based exchange, recently offloaded 50,115 ETH worth $97.7 million within a month. The 0xD26e wallet deposited the ETH to Binance and OKX, receiving $89.6 million USDT and $12.95 million USDC in return. Following the massive selling spree, ETH experienced a more than 4% decrease within a week. However, the altcoin has since stabilized, marking a 0.92% gain within a day, attempting to surpass the $2000 mark once again.
What’s Next for ETH?
Several indicators suggest that ETH might experience a slight decline soon. Despite leaving an overbought zone, investor interest in Ethereum is high due to the brimming Ether spot ETF race in the United States. With applications submitted by a number of asset managers, including Fidelity Investments, BlackRock, Hasdhdex, Grayscale, VanEck, and 21Shares and Ark, the public’s interest in the altcoin is rising. Blackrock’s filing on November 9 led to a nearly 13% gain in ETH value as a result of the buying pressure that emanated from it. At present, ETH trades at $1,950, with a 0.34% gain in the last hour and a 32.64% decline in trading volume, valued at $7.32 billion.
Hot Take: ETH Future Amidst ETF Interest
Keeping your eye on Ethereum may be a smart move right now, especially because of the increasing trend of prominent asset managers expressing interest in Ether spot ETFs. If these applications go through, ETH’s value could skyrocket, bringing substantial gains to potential investors.
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