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

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.

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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