Ethereum (ETH) Could See Huge Selling if FTX Hacker Dumps

The scars of the FTX collapse final week nonetheless live on within the crypto market. The FTX hacker, who reportedly stole $600 million price of property from the trade, has been promoting all different stolen property and amassing ETH in large portions.

This might function a warning bell for Ethereum buyers because the hacker might probably dump the entire Ethereum to money out. Standard crypto analyst Dylan LeClair just lately wrote:

The FTX exploiter, who has been dumping all different drained property for ETH, is now one of many largest holders on the planet, with 228,523 ETH ($284.82m) at present of their pockets. Everybody ought to preserve a particularly shut eye on what occurs subsequent…

The FTX exploiter tackle has been changing all different property corresponding to $PAXG, $DAI, and so forth. into ETH over a sequence of a number of transactions. As of now, a staggering 95% of the tackle’s property are in ETH and a really small proportion i.e 5% is in $PAXG stablecoin.

On-chain knowledge supplier Santiment reported: “This #FTX exploiter tackle has obtained funds from 100+ completely different addresses, with the most important being a complete of 100,614 $ETH from tackle 0x9008d19f58aabd9ed0d60971565aa8510560ab41. 

Ethereum ETH Whale Holdings on A Decline

One other cautious sign for Ethereum buyers is that the ETH whale holdings have been on a decline. The availability among the many prime whale addresses has dropped to a nine-month low. As per on-chain knowledge supplier Santiment:

Ethereum’s 100k+ $ETH addresses have dropped their collective holdings considerably since Nov 4th. Doubtless associated to #FTX tackle shuffling, this blue line has correlated considerably with worth. However it could be anomalous beneath these distinctive circumstances.

Because the FTX disaster unfolded, Ethereum (ETH) has already confronted a serious blow correcting greater than 25% during the last week. If one other main dump comes forward, ETH might in all probability tank all the best way to $1,000 and even beneath.

Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary expertise.

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