After VitalikButerin and the Ethereum Foundation sold a large stake, Ethereum Whales showed signs of panic. Recently, after the Ethereum Foundation offloaded 15000ETH ($29
After VitalikButerin and the Ethereum Foundation sold a large stake, Ethereum Whales showed signs of panic. Recently, after the Ethereum Foundation offloaded 15000ETH ($29.7 million) to Kraken, two important Ethereum whales sold a total of 19090ETH on Uniswap, valued at approximately $35.7 million.
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These substantial sales have caused a shock wave throughout the Ethereum community and attracted the attention of investors.
When the first whale (numbered 0x6071) exchanged 9950 ETH for 18.63 million DAI at a price of $1873 per ETH, panic began. Not long after, another whale, 0x7641, followed suit and exchanged 9140ETH for 17.07 million DAI at a price of $1867 per ETH. These large-scale sales have raised concerns among Ethereum holders and led to a surge in sales activities outside of the Whale Group.
Source: TradeView
The increase in selling pressure has had a significant impact on the price of Ethereum, with prices plummeting from $1900 to $1850 within hours of a surge in sales activity. Therefore, Ethereum is currently consolidating near the 50 day moving average, triggering uncertainty and speculative behavior among investors.
The recent actions of VitalikButerin and the Ethereum Foundation have raised doubts about the future of cryptocurrencies and the impact of such large-scale selling in the market. Some analysts believe that this sale may be a response to the recent rise in meme assets in the cryptocurrency market.
Anyway, the panic among Ethereum whales highlights the fragility of the market towards the behavior of influential individuals and organizations. The actions of the foundation are not the first to cause market volatility. The last time the foundation sold its shares, the industry entered a long-term bear market and has not yet exited.
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