Ethereum Price Drops, Who's The Whale Selling Thousands Of ETH In The Last 2 Days?
JAKARTA - Ethereum Market is again shaky after the price of ETH crypto assets has decreased sharply. One of the factors that exacerbated this situation was the massive sell-off of large investors or whales. Investigate a calibaration, this whale appears to be an early investor involved in Ethereum's Initial Coin Offering (ICO) in 2014. This Whale released a large amount of ETH into the market.
According to a report from the on-chain analytic platform, Lookonchain, on October 3 revealed that the whale had sold 19,000 ETH, worth about 47.5 million US dollars (Rp712.5 billion) in the last two days. Earlier, at the end of September, the same whale had also sent 12,000 ETH worth 31.6 million US dollars (Rp474 billion) to the leading US crypto exchange, Kraken.
The Price Of ETH Is Under Pressure
This massive sell-off took place amid a downward trend in the price of Ether. In early October, the price of Ether was still trading at around 2,650 US dollars (Rp39.75 million), but on October 3, prices dropped dramatically to the level of 2,365 US dollars (Rp35,475 million), the price of ETH fell 4.6% in the last 24 hours. This decline is deeper than the overall decline in the crypto market which fell only 2.6%.
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Selain itu, pasangan perdagangan ETH/BTC juga ikut tertekan, dengan rasio turun ke level 0,039, level terendah sejak April 2021. Kondisi ini menambah kekhawatiran akan performa Ethereum yang tidak optimal sepanjang tahun ini.
Vitalik Buterin Sells ETH
This condition was exacerbated by the actions of Ethereum co-founder Vitalik Buterin, who recently released 1,300 ETH in the last 12 days and sent him to Paxos in late September. This action sparked a wide range of speculation among the crypto community, particularly regarding Ether's future amid market instabilities.
Meanwhile, Cardano co-founder Charles Hoskinson, who is also one of the co-founders of Ethereum, also opened his voice about the decline in ETH prices. He highlighted Ethereum's dependence on Vitalik Buterin and questioned how the continuation of the development of this network would be if Buterin was no longer involved.