Ethereum price struggles as large holders continue offloading
Ethereum (ETH) price is still under heavy sell pressure after the weekend’s market crash, with major holders continuing to offload despite bulls attempting a recovery.
According to X (formerly Twitter) user Lookonchain, a whale and asset manager Metalpha dumped nearly $73 million in ETH in the latter hours of trading on Aug. 5. Onchain data shows the two entities moved 29,557 ETH to a Binance deposit address in the past three hours.
The news comes as over $1 billion in liquidations hit the crypto market over the past 24 hours, with ETH-related correlations representing 30% of the amount, as data from Coinglass reveals.
Moreover, Jump Crypto has been transferring millions of dollars in Ethereum over the past few days. The firm has moved 72,213 ETH, worth $231 million, to various exchanges since July 25, with nearly $46.8 million transferred over the weekend.
Bitget CEO Gracy Chen told CryptoSlate that prominent entities like Jump Trading offloading Ethereum and the bearish forecasts following ETF approvals influenced the recent market downturn.
Notably, the US government moved 300 ETH from a wallet labeled as “Noman Saleem Seized Funds” to an unknown address on Aug. 5, based on Arkham Intelligence data. The funds were seized in May by the order of Judge Julie Rebecca Rubin of the US District Court for the District of Maryland.
ETF pressure
Meanwhile, the outflows from Grayscale’s spot Ethereum exchange-traded fund (ETF) ETHE are still significant. Over $335 million left the fund on Aug. 5, outpacing the $221 million in inflows registered by BlackRock’s ETHA.
The outflows from ETHE are also seen as a pressure point for Ethereum’s price in the short term, echoing the pressures exerted by the outflows from Grayscale’s GBTC in the weeks following its launch.
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