The price of Ethereum (ETH) is still under heavy selling pressure after last weekend’s market crash, with major holders continuing to sell off their shares even as bulls try to recover.
According to X (formerly Twitter) user Look at chaina whale and asset manager Metalpha dumped nearly $73 million worth of ETH in the final hours of trading on 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 crypto market in the past 24 hours, with ETH-related correlations accounting for 30% of the amount, Coinglass data shows reveals.
Moreover, Jump Crypto has transferred millions of dollars in Ethereum in recent days. The firm has moved 72,213 ETH, worth $231 million, across exchanges since July 25, transferring nearly $46.8 million over the weekend.
Bitget CEO Gracy Chen explained CryptoSlate that prominent entities such as Jump Trading divesting Ethereum and the bearish predictions following ETF approvals have influenced the recent market decline.
Based on data from Arkham Intelligence, the US government moved 300 ETH from a wallet labeled ‘Noman Saleem Seized Funds’ to an unknown address on August 5. The funds were seized in May by order of Judge Julie Rebecca Rubin of the United States District Court for the District of Maryland.
ETF pressure
Meanwhile, outflows from Grayscale’s spot Ethereum exchange-traded fund (ETF) ETHE are still significant. More than $335 million left the fund on August 5, more than the $221 million in inflows recorded by BlackRock’s ETHA.
The outflows from ETHE are also seen as a pressure point for Ethereum’s price in the near term, echoing the pressure exerted by the outflows from Grayscale’s GBTC in the weeks following its launch.