Ethereum Sell-Off: Whales & Foundation Dey Unload More Than $500M ETH
Di sell-off wey happen for Ethereum recently, whales, hackers plus Ethereum Foundation don move over $500 million worth for ETH. Data wey dey on-chain show sey two new wallets withdraw 71,025 ETH (~$330M) from Kraken, including one single transfer of 17,591 ETH (~$82M) inside two hours. One hacker address sell 4,958 ETH (~$22M) for profit, while another whale offload 20,600 ETH (~$96.5M), making $26M gain. Ethereum Foundation wallet liquidate 6,194 ETH (~$28.4M) over three days at average price $4,578. At the same time, Ethereum transfers climb to 4.6 million ETH, near July monthly peak of 5.2M, as price rally from $3,400 to $4,600. Staking inflows also jump to 247,900 ETH, highest in one month, reduce the trading supply available. ETH dey trade at $4,647, down 2% daily but up 19% weekly, show say wahala dey possible as sell-off dey unfold.
Bearish
Plenty ETH wey dey comot and sell orders from big wallets like whales, hackers, and the Ethereum Foundation dey increase di supply and fit make di price go down for short time. If we look history, when big holders sell plenty, e dey usually cause more wahala for price movement, like di whale-driven dumps wey happen for 2021 and 2022. Di plenty on-chain transfers mean say people dey take profit even as rally dey happen, but di record staking inflows dey limit how much dey waka for trading but e still show say trading supply don reduce. For short term, traders fit expect more selling pressure and price fit dey swing. For long term, locked staking fit support price floor, but di market feel still dey careful until di selling calm down.