Ethereum whale’s $56M sell-off could have THIS impact on the market

‘s price registered a massive hike over the last few weeks, one fueled by news of new spot ETFs for ETH. Despite the optimism around the network, however, a large whale recently decided to sell its holdings.On 8 June, a significant transaction occurred on the Ethereum blockchain. A major whale transferred 15,200 ETH, worth approximately $56.47 million, to Kraken. This particular address received massive holdings of 67,000 ETH directly from the Ethereum Foundation.

Here, it’s worth noting that despite this recent transfer, the wallet still holds a balance of 41,000 ETH – Valued at approximately $151 million. This large transaction may be interpreted by some investors as a sign that the whale is losing confidence in Ethereum’s future, prompting it to sell its holdings. This fear-based selling could trigger a domino effect, driving the price down further.by 3.14% in the last 24 hours. Despite this sudden dip in ETH’s price, however, the overall trend of the price movement looked relatively positive.

And yet, the network growth for ETH declined significantly over the last few days, implying that new addresses were losing interest in ETH and were not ready to buy ETH at the current rate. If the price dips further, there may be a chance that ETH may begin to look lucrative to new investors in the future.In terms of overall activity on the network, gas usage on the Ethereum network declined over the last few days. Additionally, the overall NFT trades on the network plummeted as well.

The lack of activity on the Ethereum ecosystem can be detrimental to both the the network and the price of ETH in the long run.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.

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