ICO whale sells ETH, will it fall further?

Ethereum prices have fallen nearly 4% amid widespread volatility in the cryptocurrency market, facing turmoil. Meanwhile, the recent drop in ETH price has stimulated discussion in the crypto market, with investors speculating about potential price movements in the coming days.

In particular, recent whale activity, particularly by ICO whales, has increased speculation about Ethereum's future trajectory and heightened investor concern.

Whale activity raises concerns about Ethereum price

Ethereum prices have seen a notable decline in recent days, especially after the US SEC may delay approval of Ethereum ETFs. Furthermore, the investigation by the US Securities and Exchange Commission (SEC) into the security status of Ethereum has further dampened investor sentiment.

Meanwhile, amidst the dizzying market scenario, on-chain data provider Spot On Chain has revealed significant activities by Ethereum ICO participants. This participant sold 2,000 ETH for $6 million USDC for $2,997. This represents a significant offload of Ethereum assets.

Notably, Whale, who originally acquired 33,213 ETH during Ethereum's Genesis ICO in 2015, has already deposited 5,110 ETH into Kraken or sold it via DEX for approximately $2,545. However, despite this sale, Whale still holds around 29.7 million ETH (equivalent to $89.4 million) primarily in three wallets within the staking platform.

Additionally, Whale Alert reported additional Ethereum transactions that hint at possible whale dumping. An unknown wallet transferred 10,806 ETH (valued at approximately $32.13 million) to the Coinbase exchange, and another whale transferred 10,726 ETH (valued at approximately $31.9 million) to the same exchange.

These large transfers to major crypto exchanges have heightened concerns among investors about the increased volatility in Ethereum's price trajectory. However, amid these concerns, analysts are cautiously optimistic about the market's potential for recovery due to expectations surrounding the upcoming Bitcoin halving event.

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Price performance and market sentiment

In a notable development, the recent approval of Bitcoin and Ethereum ETFs in Hong Kong has sparked optimism in the market. This regulatory milestone lifted sentiment among market participants and provided a glimmer of hope amid the current market turmoil.

Although uncertainty hangs over Ethereum's near-term performance due to whale activity, the broader crypto market continues to see positive developments such as regulatory approvals and expectations for significant events like the Bitcoin halving. continues to be energized by It is worth noting that multiple analysts have also warned of potential short-term volatility during a halving event.

Meanwhile, at the time of writing, the price of Ethereum is trading at $2,978.31, down 3.45% from yesterday, while the trading volume in the past 24 hours is up 10.77% to $18.58 billion. In particular, Ethereum price has fallen over 16% in the past seven days, but is down about 18% for the month.