Coinspeaker
Ethereum ICO Whale Dump Their ETH, Price Correction Coming Soon?
As per the latest on-chain data, Ethereum ICO whales have been offloading their ETH holdings recently while the ETH price continues to flirt around $2,638 levels as of press time.
As per the recent data from Spot on Chain, a giant whale associated with the Initial coin Offering (ICO) dumped a total of 5,000 ETH, worth $13.2 million to crypto exchange OKX. the report shows that since the 8th of July, the giant whale deposited a total of 48,501 ETH valued at $154 million to the crypto exchange OKX at an average price of $3,173.
On-chain data shows that the whale still holds a total of 303.5K Ethereum worth $750 million across the two wallets. However, the wallet that often deposits ETH to crypto exchange OKX still holds a total of 15.6K ETH worth $39.8 million.
This giant ICO-linked whale deposited another 5,000 $ETH ($13.2M) to #OKX 12 hours ago, just before the price dropped!
Since Jul 8, this whale has deposited 48,501 $ETH ($154M) to OKX at ~$3,173.
The whale still holds 303.5K $ETH ($744M) across 2 wallets, with 15.6K $ETH… https://t.co/OwTDt6evG0 pic.twitter.com/SoIW31oex8
— Spot On Chain (@spotonchain) August 12, 2024
On the other hand, the Ethereum median gas price dropped to a five-year low all the way under 2 gwei on Saturday, August 10. This is a staggering 98% from the year-to-date high of 83.1 gwei.
Earlier in March, the Ethereum Dencun upgrade saw nine Ethereum Improvement Proposals (EIPs) going live of which one catered to data blobs or proto-danksharding that seeks to decrease the transaction costs on the Cardano blockchain.
However, this drop in transaction fee is not entirely a good thing as it highlights a large amount of inactivity on the Ethereum blockchain. Gnosis co-founder Martin Köppelmann expressed concern that current gas fees, which need to be at least 23.9 gwei, are essential for funding staking rewards.
ETH Price Action Moving Ahead
The Ethereum price has been in strong selling pressure amid the broader market volatility in recent weeks. As the Ethereum price tanked under $2,000 earlier this month, it flushed out major leveraged long positions thereby liquidating perpetual long positions.
As per the data from CryptoQuant, these liquidations are at a stage not seen since November 2022. Thus, it contributed to a significant cooling of the futures market. “With the futures market potentially reset, if demand returns, Ethereum could be poised for another impulsive bullish surge in the longer term. The cooling of the futures market may attract new buyers and stabilize the market, leading to a potential recovery from the recent downturn,” reported CryptoQuant.
Ethereum ICO Whale Dump Their ETH, Price Correction Coming Soon?
