In the past 24 hours, 108,000 ETH, worth approximately $259.2 million, was transferred to cryptocurrency exchanges, signaling increased selling pressure.
A prominent Ethereum ICO participant has been at the center of this activity, offloading another 6,000 ETH, valued at $14.11 million, just 45 minutes ago.
108,000 $ETH were sent to crypto exchanges in the past 24 hours, totaling roughly $259.2 million! pic.twitter.com/GBzwaMtjBp
— Ali (@ali_charts) October 4, 2024
Since September 22, this participant has sold a total of 40,000 ETH at an average price of $2,525, amounting to over $101 million in sales. Despite these significant liquidations, the whale still holds 99,500 ETH, worth about $238 million.
The #Ethereum ICO participant keeps selling $ETH!
He sold another 6,000 $ETH($14.11M) 45 minutes ago and has sold 40,000 $ETH($101M) at an average price of $2,525 since Sept 22!
He still holds 99.5K $ETH($238M).https://t.co/NA6nFmFsTL pic.twitter.com/UKfXPuCaZF
— Lookonchain (@lookonchain) October 4, 2024
Ethereum Ecosystem Undergoing Major Transformation
As large Ethereum holders continue to cash out, the broader Ethereum ecosystem is undergoing major transformations, especially with the rise of Layer-2 scaling solutions. Optimistic rollups and zero-knowledge (ZK) rollups are making a significant impact, enhancing Ethereum’s scalability. These technologies are dramatically improving transaction speeds and reducing fees, making Ethereum more accessible and efficient for everyday users and developers alike.
However, the market still faces challenges. Ethereum spot ETFs recently saw a total net outflow of $3.1955 million, reflecting some ongoing uncertainty among institutional investors. Despite these developments, the rise of Layer-2 solutions could help offset bearish trends by driving adoption and improving Ethereum’s overall network efficiency.
As the Ethereum ecosystem evolves and large investors continue to move their holdings, the market remains dynamic. The future of ETH will depend on both the behavior of institutional players and the continued success of scalability solutions like rollups.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: ra2studio/123RF // Image Effects by Colorcinch