The news highlights that Ethereum whales, the largest cryptocurrency holders, have been selling off their holdings, amounting to over 5 million ETH worth approximately $8.5 billion.
This selling trend has been ongoing since February 2023, with no signs of a shift towards accumulating ETH. The selling by whales has impacted Ethereum’s price, causing it to lose 4.4% of its value in the last seven days. In comparison, Bitcoin has performed better, with a 42% price increase over the past 12 months.
The Ethereum Foundation has also sold a significant amount of ETH this year, with the recent sale of 1,700 Ether for $2.73 million. Despite these sales, the foundation still holds a substantial amount of ETH, along with other cryptocurrencies. The launch of Ethereum futures exchange-traded funds (ETFs) in the US did not generate the same level of excitement and trading volume as Bitcoin futures ETFs did upon their debut.
Source: CRYPTOGLOBE
