Ethereum Price Decline Triggers Major Sell-Off; Golem And Matrixport Make Significant Moves

The Ethereum market witnessed a notable downturn with a 7% drop in the past 24 hours, prompting strategic moves from savvy traders and projects alike.

Two prominent traders capitalized on the bearish trend by selling off a substantial amount of ETH, totaling 13,680 ETH, equivalent to approximately $41 million.

One of these traders, smartestmoney.eth, deposited 6,440 ETH (approximately $19.5 million) to Binance about 21 hours ago, incurring an estimated loss of $2.65 million from their latest ETH trade. Despite this loss, their cumulative profit from ETH transactions stands at an impressive $20.6 million.

Another trader, inactive whale 0x742, deposited the remaining 7,240 ETH ($21.4 million) to Kraken just 4 hours ago, reaping an estimated profit of $12.83 million, reflecting a gain of 149% since holding these tokens for over 1.5 years.

In parallel, Golem (@golemproject) executed significant sell-offs, totaling 24,400 ETH ($72 million) across Binance, Coinbase, and Bitfinex over the past three days. Despite these transactions, Golem still holds a substantial 127,634 ETH, valued at approximately $372 million. Golem initially raised 820,000 ETH through an ICO in November 2016, when ETH was priced at just $10.2, highlighting the project’s long-term strategic asset management.

Possible Ethereum ETFs Launch This Week Per Predictions 

Meanwhile, Matrixport has unveiled plans for an Ethereum ETF launch, anticipating SEC approval as early as this week. This development could inject optimism into the market, similar to previous Bitcoin ETF rallies. Analysts at Bernstein have set a bullish target for ETH at $6,600, buoyed by the potential approval and historical market movements. Currently, ETH is trading at $3,068, showing a modest 2% increase in the last 24 hours.

These developments underscore the dynamic nature of the Ethereum market, where price fluctuations trigger strategic responses from traders and projects alike. As regulatory milestones and market sentiments evolve, ETH’s trajectory remains closely watched for potential shifts in investor sentiment and market dynamics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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