The post Ethereum whale sells 6,900 ETH – Is it time to worry now? appeared on BitcoinEthereumNews.com.

ETH exchange reserves declined to around 18.5 million ETH ETH, at press time, remained below key price levels Ethereum has faced resistance at key price levels over the last few weeks. This has likely contributed to the decisions made by some large holders, or “whales,” to sell off portions of their holdings. Despite this selling activity, however, the ongoing decline in ETH exchange reserves has continued. Ethereum faces sell-offs Recent data from Lookonchain revealed that an Ethereum whale sold 6,900 ETH, valued at approximately $17.87 million.  This marks a notable shift in behavior for the whale, who was previously in an accumulation phase from January to May. During this time, the address acquired 65,000 ETH worth over $196 million. However, starting in July, the whale began selling off its holdings, offloading over 21,000 ETH. Despite this significant sell-off, the netflow metric for Ethereum on CryptoQuant did not show a clear dominance of inflows to exchanges. Dominance of inflows typically indicates a potential increase in selling pressure. Instead, the netflow metric suggested that inflows and outflows have been almost balanced – A sign that there has not been a notable spike in either inflow or outflow activity. This balance in netflows implies that while some large holders, like this whale, are selling, there have also been significant withdrawals from exchanges. The lack of a dominant flow direction points to a relatively stable market environment. One where some participants’ short-term selling is countered by accumulation or holding by others. Ethereum reserves continue to decline An analysis of Ethereum’s exchange reserves indicated that the recent sell-off had minimal impact on halting its overall decline. According to data, after a brief hike to approximately 18.6 million ETH on 27 August, the same declined again – Hitting 18.5 million ETH. Source: CryptoQuant This sustained fall…

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Filed under: News - @ August 31, 2024 12:14 am