Key Insights
- A veteran trader has made headlines in the Ethereum news column with his recent selling move.
- The whale still holds over 66,000 ETH, sparking concerns about ongoing selling pressure.
- ETH price traded above the $3,000 mark amid positive Ethereum ETF inflow.
In latest Ethereum news, an ETH OG deposited 18,000 ETH coins into a leading crypto exchange, fueling concerns of a potential selloff.
This has also fueled discussions over its potential impact on Ethereum (ETH) price. Having said that, the investors are closely monitoring the price movements of the asset and if the OG trader makes any other move with his remaining holding.
It’s worth noting that despite the selling pressure, ETH price has maintained its brief support at $3,000.
This has allayed some concerns of traders, especially amid the continuing bets from the Digital Asset Treasury (DAT) firms like BitMine.
On the other hand, the institutions have also maintained their bullish stance on the second-largest crypto by market cap.
Considering all these aspects, the investors are looking for the potential future movement of the coin.
Ethereum News: OG Trader Deposits 18,000 ETH
According to leading on-chain transaction tracking platform, Lookonchain, the veteran trader deposited 18,000 ETH into Bitstamp, valued at around $54.78 million.
According to Ethereum news, the trader has been accumulating Ethereum since 2017. Initially, the OG whale has accumulated 154,076 ETH at an average price of $517.
After that, he has sold 87,824 ETH at an average price of $1,694, suggesting a profit-booking strategy often used by the large investors.
Despite the hefty selling, the OG trader still holds 66,252 ETH, valued at approximately $201 million, and has a total profit of around $270 million.
This move has further escalated the concerns among market participants. For context, if the trader continues to offload his remaining holdings to book more profits, it could significantly impact the Ethereum price in the near future.
What’s Next for Ethereum (ETH) Price?
Despite the OG trader selling, Ethereum (ETH) price has held the brief support at $3,000, and its trading volume soared 10% to $18 billion.
The crypto has added more than 10% over the past seven days, amid soaring bets from both corporations and institutions.
For context, a recent Ethereum news showed that Tom Lee’s BitMine has been aggressively buying ETH in recent days.
The firm has accumulated 14,618 ETH, worth $44.34 million, in a single purchase on November 28. Following that, BitMine has made another purchase of 20,532 ETH, worth $63.32 million, on the same date.
This reflects the soaring confidence of the firm towards the asset, which might help drive the Ethereum price higher in the near future.
In addition, the US Spot Ethereum ETF has marked its five-day inflow streak through November 28.
On Friday, the investment instrument recorded an inflow of $76.6 million, with BlackRock’s ETHA providing the biggest boost with $68.3 million influx.
So, it seems that the corporate and institutional bets have helped offset the selling pressure from the OG trader.
If the buying pressure continues, analysts are hopeful for a continuing rally in the Ethereum price.