Ethereum Faith Crisis! Ancient Whales Flee en Masse, Selling Off ETH!
TradingKey - Ancient Ethereum whales continue to sell ETH, putting more pressure on its price.
Recently, the exodus of ancient Ethereum whales has continued. Since March, seven whales have transferred and sold a total of 27,700 ETH. Here are the details:
Whale Address | Date | Amount | Year | Cost |
0xbc09... | April 2 | 2001ETH | 2017 | $277 |
0x55f3... | April 1 | 1000ETH | 2015 | $0.31 |
0xddbd... | March 31 | 5000ETH | 2015 | $0.31 |
0x620a... | March 29 | 1700ETH | 2015 | $0.31 |
0x1C11... | March 26 | 10000ETH | 2015 | $0.31 |
0x2eb0... | March 11 | 7000ETH | 2015 | $0.31 |
0x55Df... | March 2 | 1024ETH | 2015 | $0.31 |
Most of these whales acquired ETH through ICOs. In the early days, ETH was just one of many cryptocurrencies. It was not the second-largest like today. This shows how much faith these ancient whales had in ETH. However, their mass selling suggests that this faith is crumbling.
In this bull market, ETH has underperformed compared to BTC. Over the past year, ETH has dropped nearly 50% while BTC has risen more than 25%. Standard Chartered previously stated that Ethereum is facing structural decline, lowering its price target for ETH by 60% from $10,000 to $4,000 by the end of 2025.
The rise and fall of ETH and BTC in the past year, Source: CoinMarketCap.
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