Ethereum
Ethereum ICO Whale Drops 7,000 ETH After $60 Million Institutional Sale
Despite the considerable bullish momentum Ethereum has gained today, on July 1, an ICO whale moved a significant amount of its holdings to a centralized exchange. According to data from CoinShares, 7,000 coins were recorded amid $60 million in weekly outflows on Ethereum.
Moreover, Ethereum has seen the largest capital outflows since August 2022, which is causing serious concerns among ETH market investors. So, let’s take a closer look at the current market statistics of the digital asset and why it has triggered bearish sentiments in the market.
ICO dumps shares due to massive capital flight
According to data from on-chain tracker EmberCN, Ethereum whale ICO 0x2Eb08 moved 7,000 ETHworth $24.28 million, to Kraken, a US cryptocurrency exchange. This transaction comes after 209 days of dormancy. Additionally, the whale currently holds just over 40,000 ETH, worth $138.76 million.
Meanwhile, a report from CoinShares noted that the transaction came amid $60.7 million in weekly outflows on Ethereum. Coupled with last week’s performance, the outflows totaled $119 million, making the asset the worst performer in terms of net flows year-to-date. Year-to-date outflows totaled $25 million.
Collectively, these statistics have raised serious concerns among investors, questioning the asset’s ability to achieve future gains despite its concrete positioning as the second-largest cryptocurrency by market cap, worth $415.98 billion.
Simultaneously, the recent postponement by the American SEC of the ETH ETF timely launch The process of resending S-1 amendment forms, triggering a refiling process, added to speculation about ETH’s future performance.
Nonetheless, the price of ETH has climbed significantly today, coinciding with the broader movement in the crypto market.
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ETH Price Springs
ETH Price The stock’s trajectory showed a 2.20% rise at press time to trade at $3,463.00. Its 24-hour low and high were $3,375.41 and $3,513.31, respectively.
Future price movements remain surrounded by a bearish cloud, mainly driven by the factors mentioned above.
Meanwhile, CoinGlass data showed a 2.22% rise in ETH futures OI to $15.21 billion. Derivatives volume soared 81.12% to $17.07 billion. This data, collectively, highlighted the presence of an uptrend in the market today.
However, the RSI held steady at 48, hinting at a broader neutral stance for Ethereum. It is also worth noting that a previous massive dump by a Whale ICO ETH caused a significant drop in prices.
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