Ethereum Whale Sells 19K ETH As Market Reacts To Price Slump

An Ethereum whale just sold 19,000 ETH worth about $47.5 million another sign of volatility in the market. This sale follows an earlier transaction of 12,000 ETH sent to Kraken in late September.

The large sell-offs have been the primary reason for Ether’s price drop, as it shed 4.6% in the last 24 hours. The whale who invested in Ethereum’s ICO back in 2014, initially held 150,000 ETH.

This recent sale alone takes their total ETH sales for the past week to 31,000 ETH and is equivalent to $79.1 million. This has raised concern within the Ethereum community and more so as the price of ETH is still dropping.

Ethereum Price Drops 10% Amid Market Pressure

The price of Ether has come under immense pressure and fell by nearly 10% in the first week of October. The cryptocurrency, which was priced at $2,650 at the beginning of the month, went down to $2,365 by 3 October.

ETH/BTC pair also plunged and reached a ratio of 0.039, the lowest point since April 2021. While the broader crypto market is down 2.6%, Ethereum has suffered more, with a 4% fall recently.

This underperformance has caused traders and analysts to once again begin speculating about Ethereum’s future. The market has been characterized by anxiety, and there is much discussion happening on social media between supporters and opponents.

Vitalik Buterin Sells ETH Raising Market Concerns

The situation is further complicated by the fact that Ethereum’s co-founder, Vitalik Buterin, recently sold 1,300 ETH. In late September, he transferred the funds to Paxos, which played into the market’s FUD (Fear, Uncertainty, and Doubt).

It also created questions as to how the entry of a significant person affects the price of Ethereum. Moreover, recent events did not help calm the market either. Criticism from Ethereum’s co-founder Charles Hoskinson only added to the confusion.

He raised an eyebrow at Buterin being too much in the spotlight, going as far as calling it a “dictatorship.” According to him, Buterin’s vision holds excessive sway over developments in the Ethereum ecosystem. That said, Ethereum supporters still believe in the long-term prospects of the blockchain project.

Long-Term Optimism for ETH’s Growing Ecosystem

However, in the short term, Ethereum has faced certain drawbacks; however, its fundamentals remain stable. The network still possesses a total value locked of $45,320,000,000 which has more than doubled within the past year. In the same period, Ethereum has produced nine chains, and all of them have been profitable, each making more than $140 million.

Despite the existing issues, many people have high expectations for Ethereum, especially because of the scheduled innovations intended to increase the network’s capacity and reliability. According to the former CTO of Sushi Joseph Delong, Ethereum will be able to onboard the next billion users. Likewise, the Ethereum educators have focused on the future of the network and did not pay attention to the recent bearish sentiment.

Although the market situation has scared investors, Ethereum’s development plan and the expansion of its ecosystem indicate hope for a future bounce back. Future enhancements may attract new users and strengthen the network’s status as a prime blockchain platform.