Ethereum Price Collapses, Big Players Sell Tens Of Thousands Of ETH Coins

Ethereum prices fell significantly due to selling pressure. (Photo; Doc. CryptoBeast)

JAKARTA - The price of Ethereum (ETH) has plummeted after massive sales. In fact, a few days earlier, ETH began to recover with an increase of 20%. At the time of writing, the price of ETH was trading at the level of IDR 38.8 million per coin. Its performance has fallen 4.5% in the last 24 hours, based on today's Coinecko data.

On the other hand, hundreds of crypto wallets or ETH asset holders who have been inactive for the past three years have suddenly started moving their ETH assets. The report states that these wallets have moved a total of 789,533 ETH worth about US$2 billion (Rp32 trillion).

After experiencing a strong recovery of 20% on Tuesday, August 6, the price of Ethereum is struggling to stay above the level of 2,500 US dollars (Rp40 million). Based on the latest on-chain data, Jump Trading is again selling Ethereum from the rest of their ETH holdings.

Based on the latest data report from Spot on Chain, Jump Trading managed to disburse a total of 11,500 ETH, worth 29 million US dollars (Rp464 billion) from Lido Finance. In this latest transaction, the company also redeemed 16,210 $WSTETH for 19,049 $STETH.

The data show that Jump Trading further transfers 11,500 ETH to the wallet address 0xf58, which the company often uses to deposit to the centralized exchange (CEXs). Currently, the company still holds a total of 21,394 $WSTETH, worth 63.6 million US dollars (Rp1.02 trillion), and 16,292 ETH, worth 41.3 million US dollars (Rp660.8 billion). In addition, they are also in the process of disbursing 19,049 $STETH from Lido Finance.

This wallet movement attracted the attention of many parties because it showed great activity related to the Ponzi Plus Token scheme. The on-chain analysis shows that these addresses are related to a wallet called Plus Token Ponzi 2. So far, this wallet has moved 789,533 ETH to thousands of different wallets in 2020, and there has been no activity since April 2021.

These wallets were active again three hours ago, indicating a major activity related to the Ponzi Plus Token scheme. Interestingly, the ETH was confiscated by Chinese police during their prosecution in 2020.

Jump Trading managed to disburse 11,500 $ ETH ($29 million) from Lido Finance and continued to redeem 16,210 $WSTETH to 19,049 $STETH in the past hour. It should be noted that 11,500 $ETH has been transferred to the "0xf58" wallet they often use to deposit $ETH to CEX.

For information, the price of Ethereum is currently trading at US$2,456 (Rp39.3 million) with a market cap of US$295 billion (Rp4,720 trillion). However, market analysts believe that there will likely be another drop in the price of ETH below US$2,000 (Rp32 million) as this altcoin will retest its lowest level this week, which could occur in the near future.

The movement of this large wallet has not only surprised the crypto community but has also raised various speculations and concerns. Since the Plus Token scandal was revealed, many of the funds related to the scheme have been closely monitored by the authorities. This sudden activity from these wallets raises questions about the ultimate goal of the fund and its impact on the Ethereum market.

The well-known Ponzi Plus Token scheme scammed thousands of investors with high returns promise through fake crypto investment platforms. When this scheme collapsed, Chinese authorities managed to confiscate most of the funds, including thousands of ETHs. With this new activity, there are concerns that the funds might re-enter the market, which could affect the prices and stability of Ethereum.