Ethereum prices tumble as whale offloads $47 million
Despite the price drop, optimism remains among supporters, who are encouraged by ongoing network upgrades and positive sentiment within the Ethereum ecosystem.
Ethereum’s price has seen a significant drop recently, fuelled by fear, uncertainty, and doubt (FUD) in the market. It follows the news that an Ethereum whale, who acquired a large amount of ETH during the blockchain’s initial coin offering (ICO) in 2014, has been offloading substantial amounts of the asset. Over the past week, this entity sold over $47 million worth of Ether, adding to the growing pressure on prices.
Ethereum’s price has plunged by almost 10% since the start of October, dropping from $2,650 to an intraday low of $2,365. This dip is steeper than the overall crypto market decline, which has led to renewed criticism and concern among some traders. Despite the downturn, Ethereum supporters remain optimistic, pointing to network upgrades and bullish sentiment within the ecosystem.
In a positive development, institutional interest in Ethereum appears to be rising again. Spot Ether ETFs saw inflows of nearly $20 million on 2 October, largely driven by BlackRock. This comes as Bitcoin ETFs recorded a second day of outflows, further highlighting the contrasting trends within the crypto space.