Ethereum (ETH) price is still under heavy selling pressure following the weekend market crash, with major holders continuing to unload despite bulls attempting to rally.
According to user X (formerly Twitter) Watch on the channelA whale and asset manager Metalpha dumped nearly $73 million in ETH in the final trading hours of August 5. Onchain data shows that the two entities moved 29,557 ETH to a Binance deposit address in the last three hours.
The news comes as more than $1 billion in liquidations hit the cryptocurrency market in the past 24 hours, with ETH-related correlations accounting for 30% of the amount, according to data from Coinglass. revealed.
Additionally, Jump Crypto has moved millions of dollars in Ethereum over the past few days. has transferred 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 said: CryptoSlate that prominent entities like Jump Trading dumping Ethereum and bearish expectations following ETF approval have influenced the recent market downturn.
Notably, the US government moved 300 ETH from a wallet labeled “Noman Saleem Seized Funds” to an unknown address on August 5, according to data from Arkham Intelligence. The funds were seized in May by order of Judge Julie Rebecca Rubin of the United States District Court for the District of Maryland.
Pressure on ETFs
Meanwhile, outflows from Grayscale’s spot Ethereum exchange-traded fund (ETF), ETHE, are still strong. More than $335 million left the fund on August 5, surpassing the $221 million in inflows recorded by BlackRock’s ETHA.
ETHE outflows are also seen as a pressure point for Ethereum’s price in the short term, echoing the pressures exerted by Grayscale’s GBTC outflows in the weeks following its launch.
