Ethereum price struggles as large holders continue offloading Ethereum price struggles as large holders continue offloading
Following Jump Crypto's sell-off, Metalpha and an unknown whale also offloaded roughly $73 million in Ethereum.
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Updated: Aug. 5, 2024 at 11:07 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum (ETH) price is still under heavy sell pressure after the weekend’s market crash, with major holders continuing to offload despite bulls attempting a recovery.
According to X (formerly Twitter) user Lookonchain, a whale and asset manager Metalpha dumped nearly $73 million in ETH in the latter hours of trading on Aug. 5. Onchain data shows the two entities moved 29,557 ETH to a Binance deposit address in the past three hours.
The news comes as over $1 billion in liquidations hit the crypto market over the past 24 hours, with ETH-related correlations representing 30% of the amount, as data from Coinglass reveals.
Moreover, Jump Crypto has been transferring millions of dollars in Ethereum over the past few days. The firm has moved 72,213 ETH, worth $231 million, to various exchanges since July 25, with nearly $46.8 million transferred over the weekend.
Bitget CEO Gracy Chen told CryptoSlate that prominent entities like Jump Trading offloading Ethereum and the bearish forecasts following ETF approvals influenced the recent market downturn.
Notably, the US government moved 300 ETH from a wallet labeled as “Noman Saleem Seized Funds” to an unknown address on Aug. 5, based on Arkham Intelligence data. The funds were seized in May by the order of Judge Julie Rebecca Rubin of the US District Court for the District of Maryland.
ETF pressure
Meanwhile, the outflows from Grayscale’s spot Ethereum exchange-traded fund (ETF) ETHE are still significant. Over $335 million left the fund on Aug. 5, outpacing the $221 million in inflows registered by BlackRock’s ETHA.
The outflows from ETHE are also seen as a pressure point for Ethereum’s price in the short term, echoing the pressures exerted by the outflows from Grayscale’s GBTC in the weeks following its launch.
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Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$98,103.36
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Jump Crypto
Jump Crypto is a division of Jump Trading Group, a research-driven quantitative trading firm and one of the largest traders, by volume, across traditional asset classes.
Arkham Intelligence
Arkham Intelligence is a platform that provides information on the real-world entities behind addresses on the blockchain.
