TL;DR
- An Ethereum whale sold 19,000 ETH worth $47.5 million, causing a significant price drop. This follows a previous sale of 12,000 ETH in late September.
- The sell-off led to a 4% drop in ETH’s price within 24 hours, with the ETH/BTC trading pair hitting its lowest ratio since April 2021.
- Despite the FUD, many Ethereum supporters remain optimistic about the network’s future, citing upcoming upgrades and long-term growth potential.
An Ethereum whale has recently offloaded a substantial amount of Ether (ETH), contributing to a significant price decline. Over the past two days, the whale sold 19,000 ETH, valued at approximately $47.5 million. This follows an earlier transaction in late September, where the same entity moved 12,000 ETH to the Kraken exchange, valued at $31.6 million.
This #Ethereum ICO participant sold another 19,000 $ETH($47.54M) in the past 2 days!
The participant received 150K $ETH(ICO cost was $46.5K, now worth $358M) at #GENESIS.https://t.co/WbaTNzh5T4 pic.twitter.com/p82RcPRYMd
— Lookonchain (@lookonchain) October 3, 2024
Impact on Ether Price
The sell-off has had a pronounced impact on Ether’s market performance. The price of ETH has dropped by nearly 5% in the last 24 hours, now trading around $2,317. This decline is part of a broader trend, with Ether experiencing a nearly 10% drop in the first few days of October. The ETH/BTC trading pair has also suffered, falling to a ratio of 0.039, levels not seen since April 2021.
Market Reactions and FUD
The significant sell-off has amplified existing Fear, Uncertainty, and Doubt (FUD) within the Ethereum community. Social media platforms have seen a surge in debates among Ether critics and supporters.
Adding to the unease, Ethereum co-founder Vitalik Buterin recently offloaded 1,300 ETH within 12 days, further fueling concerns about the network’s stability and future development.
Optimism Amidst Uncertainty
Despite the prevailing FUD, many Ethereum proponents remain optimistic about the network’s long-term prospects. Ethereum educator Anthony Sassano dismissed the negativity, emphasizing that the FUD is a constant in the industry.
Additionally, former Sushi CTO Joseph Delong expressed confidence in Ethereum’s future, highlighting upcoming upgrades designed to enhance account abstraction and authentication, which could potentially onboard the next billion users.
The recent actions by significant Ethereum holders have undoubtedly impacted the market, contributing to a notable decline in Ether’s price. However, the long-term outlook for Ethereum remains a topic of debate, with many industry experts maintaining a positive perspective on the network’s future developments and growth potential.
