Whale who bought ETH in 2014 started selling: They're abandoning the ship!

According to the on-chain data platform Lookonchain, a whale who bought ETH from the ICO (pre-sale) has started heavy selling.

The prominence of Layer-1 projects, especially Solana and Sui, has severely undermined the performance of Ethereum. The lack of sufficient funds flowing into spot ETFs has been dragging ETH prices to lower levels every day. Additionally, early Ethereum investors have increased their selling-oriented transactions. Furthermore, the continued sales by a whale who bought Ethereum from the ICO in 2014 have increased panic in the market.

Ethereum (ETH) gidişatı iç karartıyor

The mysterious ETH whale sold 19,000 ETH (approximately $47.5 million) per day in recent days. The whale, who bought 150,000 ETH in the Ethereum ICO at a total cost of $46,500, created fear with transfer transactions. Today, this amount corresponds to approximately $400 million. The fact that the whale sold 19,000 ETH in just a few days naturally puzzled people.

Since the beginning of October, Ethereum leader has lost 10% of its value, while the Altcoin leader was trading at $2,650 on October 1st, it fell to $2,365 on October 3rd, dropping by 3.7% in a day. Along with this drop in Ethereum, the majority of altcoins eroded by nearly 10%.

Even if spot Ethereum ETFs see net inflows, they are insufficient. While US exchange-traded funds (ETFs) recorded a net inflow of $14.45 million on Wednesday, the previous day saw a $48.52 million outflow. Looking at the current process, there is no positive signal from spot ETFs to the altcoin market. The increase in net inflows and their continuation will be an important factor for altcoin investors.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.