ETH faces sell-off fears amidst increased whale activity. Ethereum dump continues as large holders transfers $538.5 million worth of Eth
Ethereum dump continues as large holders transfers $538.5 million worth of ETH., the second largest cryptocurrency by market cap has recently experienced a moderate recovery in its price. In fact, as of this writing, ETH was trading at $2366 after a 1.76% increase in the past 24 hours.
Although the altcoin has gained over the past day, the market is still facing sell-off fears following unprecedented whale activities. As noted by Whale Alert, ETH has experienced massive transfers into exchanges.has uncovered massive ETH transfers to various exchanges. These transfers total a whopping $538 million that have been sent to various exchanges including Kraken, Binance, Arbitrum, and coinbase.
According to IntoTheBlock, retail traders control 47.93% of the ETH market while whales control 43.07%. This sets the altcoin for a further decline when whales reduce their holdings as retail traders are emotional sellers.
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