As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed the ebb and flow of digital assets like waves upon the shore. The recent turbulence surrounding Ethereum, with its sharp price drop and renewed FUD, is a familiar sight, albeit one that never ceases to surprise me.
There’s a resurgence of worry and speculation surrounding Ethereum as its price plummets sharply. On October 3rd, an analysis platform called Lookonchain revealed that a significant investor, who bought Ethereum during the initial coin offering (ICO) in 2014, has been actively offloading their Ether.
For the last two days, this particular entity has offloaded approximately 19,000 units of Ether (ETH), valued at around $47.5 million. This selling frenzy kicked off towards the end of September, with over 12,000 ETH being transferred to the Kraken trading platform.
Starting from October 1st, the price of ETH has decreased by almost 10%. Initially priced at $2,650, it dipped as low as $2,365 on October 3rd. This decrease exceeds the overall crypto market’s drop of 2.6% over the same period, as reported by CoinMarketCap.
The ETH/BTC ratio also slipped back to 0.039, reflecting concerns among traders. Crypto trader “Bluntz” noted, “Yikes, even day zero ETH OG’s are jumping ship,” while others criticized Ethereum for dragging the market down.
Regardless of the obstacles, there’s a strong sense of hope among Ethereum enthusiasts. As educator Anthony Sassano put it, “FUD persists unabated,” suggesting that many within the field are unfazed by what they perceive as misinformation.
Moreover, it appears that institutional involvement is resurfacing, as Ether ETFs focused on nine specific spots attracted approximately $20 million on October 2, largely due to BlackRock’s influence.
Even amidst rough seas, Ethereum’s dedicated supporters remain steadfast in their belief in its promising future.
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2024-10-03 11:00