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Ethereum ICO Whale Dumps 7K ETH After $60 Million Selloff by Institutions

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9 months ago

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Despite a considerable upside momentum taken by Ethereum today, July 1, an ICO whale has moved substantial amounts of its holdings to a centralized exchange. A whopping 7K coins were recorded to be dumped amid $60 million weekly outflows in Ethereum, per data by CoinShares.

Further, Ethereum has recorded the largest outflows since August 2022, raising severe concerns among the ETH market investors. So, let’s dive deeper into the digital asset’s current market statistics and why it has ignited bearish market sentiments.

ICO Whale Dumps Amid Massive Outflows

According to data by the on-chain tracker EmberCN, the Ethereum ICO whale 0x2Eb08 moved 7000 ETH, worth $24.28 million, to Kraken, an American crypto exchange. This transaction comes after 209 days of dormancy. Also, the whale currently holds slightly above 40K ETH, worth $138.76 million.

Concurrently, a report by CoinShares spotlighted that the transaction emerged amid $60.7 million weekly outflows in Ethereum. Coupled with last week’s performance, the outflows totaled $119 million, positioning the asset as worst performing in terms of year-to-date net flows. The year-to-date outflows totaled $25 million.

Ethereum OutflowsEthereum Outflows

Collectively, these stats have raised severe concerns among investors, questioning the asset’s capability for future gains despite its concrete positioning as the second largest crypto by market cap, worth $415.98 billion.

Simultaneously, the US SEC’s recent postponement of the spot ETH ETF launch process by sending back the S-1 amendment forms, instigating a refiling process, has added on to speculations on ETH’s future performance.

Nonetheless, ETH price soared considerably today, coinciding with the broader crypto market movement.

Also Read: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues

ETH Price Springs

ETH price trajectory illustrated a 2.20% upswing at press time to trade at 3,463.00. Its 24-hour bottoms and tops were $3,375.41 and $3,513.31, respectively.

Future price movements remain shrouded in a bearish cloud, primarily driven by the abovementioned factors.

Meanwhile, CoinGlass data showed a 2.22% upswing in ETH Futures OI to $15.21 billion. The derivatives volume spiked 81.12% to $17.07 billion. This data, collectively, underscored the presence of a market uptrend today.

However, the RSI rested at 48, hinting at a broader neutral stance for Ethereum. It’s also worth noting that a previous massive dump by an ETH ICO whale caused a significant tumbled price action.

Also Read: Binance Reveals Major Support For Curve DAO Token Amid CRV Liquidation Crisis

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Charles Hoskinson Reveals How Cardano Will Boost Bitcoin’s Adoption

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41 minutes ago

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March 31, 2025

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Cardano founder Charles Hoskinson says the network will play a key role in Bitcoin DeFi transactions in the future. With several partnerships and innovations in the works, Hoskinson says Cardano is bracing itself to explore layer 2 solutions on the Bitcoin blockchain,

Cardano Positions Itself For Bitcoin DeFi

In an interview with Scott Melker, Cardano’s founder has revealed ambitious plans for the network to turbocharge Bitcoin’s adoption for DeFi applications. Hoskinson notes that large financial institutions will trigger a demand for Bitcoin DeFi given their fiduciary obligation to create yield.

He notes that a Bitcoin ETF providing DeFi yields will trigger shareholders to demand similar yields. Hoskinson eyes a three-year timeframe for institutions to plant their feet in Bitcoin DeFi and UTXO DeFi.

Hoskinson says Cardano will combine Hydra with the Bitcoin Lightning network and build a trustless recursive bridge between both networks. The founder adds that its Aiken programming language will enabled to write both Bitcoin and Cardano scripts.

Furthermore, a partnership with Maestro, an infrastructure provider allowing Bitcoin integration with UTXO-based blockchain will provide a “turn-key experience” for users.

“It’s still early days but we are making methodical progress every step of the way,” said Hoskinson.

Hoskinson is moving on from his absence from the Crypto Summit at the White House, doubling down on technical innovation. He notes that the Bitcoin-focused plays by Cardano will not adversely affect the network’s road map.

Is Bitcoin Ready For DeFi Applications?

Hoskinson revealed in the interview that Bitcoin is ready for DeFi utility following the Taproot and the Lightning Network advancements. According to the founder, Taproot added programmability features to the Bitcoin network and Cardano will push the frontiers.

He adds that Cardano will enable Bitcoin users to engage in DeFi transactions while transacting with only BTC. Hoskinson says a merger between Bitcoin is enough to make Cardano’s DeFi significantly larger than Ethereum and Solana combined.

While the integration will send Cardano price soaring, ADA wallows at $0,6611 after losing 10% in a week. However, traders are targeting an ADA pump in May following the forming of a cyclical pattern.

An analyst argues that a price rally to $10 is not a crazy prediction given a streak of solid fundamentals and partnerships for Cardano.

 

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ethereum Bitcoin Ratio Drops to Record Low, What Next for ETH?

Published

2 hours ago

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March 31, 2025

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The world’s second-largest digital asset, Ethereum (ETH), struggles to keep up with Bitcoin. Market data shows that the ETH/BTC ratio has dropped to its lowest level in five years. Consequently, investors and analysts are now questioning whether Ethereum can recover in the coming quarter, considering Bitcoin may continue its long-standing domination in the digital assets market.

The Ethereum Bitcoin Ratio At New Lows

ETH performed poorly compared to Bitcoin in the first quarter of 2025. According to a recent update from The Kobeissi Letter, the Ethereum to Bitcoin ratio has dropped to 0.02, its lowest level since December 2020.

Historically, Ethereum has gained strength after Bitcoin halvings, but the trend has reversed. While Bitcoin price is going upward, Ethereum has struggled to gain traction.

Several factors have contributed to this decline. Bitcoin’s narrative as digital gold has strengthened, drawing more institutional investment. In addition, the coin has faced challenges, including relatively higher gas fees and competition from other blockchain networks. 

Unfortunately, the Ethereum Pectra upgrade, which experts believe could drive a price increase for the coin, faced some challenges. As reported by CoinGape, multiple testnet attempts failed before the Hoodi testnet that launched recently.

Some experts believe Ethereum’s transition to proof-of-stake has not delivered the expected market boost. 

Q1 Performance and ETF Downturn

The ETH price performance in the first quarter of 2025 has been disappointing. For context, data shows that the coin has dropped 46% this year, nearly 4 times more than Bitcoin’s decline of 12%.

Many investors expected a strong bull run, but Ethereum has remained weak. The adoption of spot Bitcoin ETFs earlier in the year attracted billions of dollars, but Ethereum has not seen the same level of interest for its potential ETF.

Market analysts suggest that institutional investors are still hesitant about Ethereum’s long-term value compared to Bitcoin. Bitcoin’s fixed supply and reputation as a hedge against inflation have made it a safer choice for institutional investors. 

Where is ETH Price Heading?

Some analysts believe ETH price could hit $10,000 if broader market conditions improve and the Ethereum Pectra upgrade launches on the mainnet. 

Others warn that if the coin continues to lose value against Bitcoin, investors may start shifting funds to other networks like Solana or Avalanche.

Even though short-term price predictions remain speculative, some traders expect Ethereum to rebound as Bitcoin stabilizes. Others believe the ETH/BTC ratio could drop even further. 

As of this publication, CoinMarketCap data shows that Ethereum’s price was $1,842.29, up 1.34% in the last 24 hours. Many experts believe that the coming days will determine whether Ethereum can regain strength or whether Bitcoin’s dominance will continue to grow.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elon Musk Rules Out The Use Of Dogecoin By The US Government

Published

4 hours ago

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March 31, 2025

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Elon Musk has doused optimism for the US government to adopt Dogecoin at the America PAC town hall event. The head of the Department of Government Efficiency (DOGE) noted that the government agency only bears a nominal resemblance to the memecoin.

Elon Musk Dispels Rumors Of Dogecoin Adoption By The US Government

At a recent event, Tesla CEO Elon Musk cleared the air on the potential adoption of Dogecoin by the US government. In his keynote speech, Musk noted that the US government will not be adopting Dogecoin, contrary to swirling speculation.

Musk noted that the speculation gained traction following the launch of the Department of Government Efficiency (DOGE). Following the launch of DOGE and Musk tapped to lead the agency, enthusiasm for Dogecoin government utility reached new highs.

However, Musk clarified that the agency bears only a nominal resemblance to the memecoin, stemming from an internet trend. The Tesla CEO disclosed that the original intended name was the Government Efficiency Commission, opting for DOGE “because the internet is right.”

“The name is similar but they are two different things,” said Musk. “But there are no plans for the government to use Dogecoin as far as I know.”

Musk has a long and storied history with Dogecoin, famously shilling the memecoin and integrating DOGE payments for Tesla. Musk teased an anime-themed DOGE on X, setting the stage for a $2 rally for the memecoin.

DOGE Reacts Negatively To The News

Dogecoin price slumped by nearly 2% in the wake of the grim report. Currently, the memecoin is trading at 0.1660 as it eyes a push toward the $1 mark.

The negative fundamental adds pressure to reports of DOGE forming a falling wedge pattern, signaling a potential downward breakout. However, optimists are rippling with confidence that DOGE can shake off the negative sentiments to post new all-time highs.

One analysis claims that if the Dogecoin price breaks a 3-month trendline, an $8 valuation for the memecoin is in play. Others claim that the House of Doge Reserve launch will be a tailwind for Dogecoin price, sending the dog-themed coin on a strong rally.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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