The pressure on the Ethereum price has increased considerably in the past five weeks. This is because large Ether whales are dumping their tokens en masse.
collective dump
Ethereum whales have dumped 3.3 million ETH tokens in the past five weeks. This was reported by the analysis platform Santiment in a tweet on October 16. In other words, more than $4.3 billion worth of Ethereum has been dumped by whales over the past five weeks.
Whales check the price
Such tremendous pressure from the biggest investors usually has huge effects. The enormous selling pressure is clearly reflected in the mediocre price performance of the second largest crypto coin. The Ethereum price has fallen by more than 26 percent in the past 5 weeks. Santiment researchers also noted that the Ether price has also lost strength against Bitcoin.
The Ether price fell by 12.7 percent compared to the Bitcoin price. The main reason was that the whales collectively dumped 3.3 million ETH tokes. Earlier, when these big investors bought a lot of ether tokens, the Ethereum price rose by 43.4 percent against Bitcoin over an eight-week period.
Several analysts expect Ethereum to slowly regain momentum now that the biggest sells have been made after the Merge. Vitalik Buterin, the founder of Ethereum, also predicted such a price trend. It is often the case that the price of a crypto currency drops shortly after the implementation of a major update.