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Ethereum Price Slump: Whales Dump ETH for Other Coins amid ETF Uncertainty

Ethereum (ETH) has been experiencing a slump in price in the past three days, with the coin closing in red and dipping by 7.5% so far. The price closed at $3,051 on Monday and plunged further to $2,999 yesterday. This continuous drop in the value of the second-largest cryptocurrency has been triggered by the activities of large investors who have been dumping the coin for other tokens, causing a shift in market sentiment.

Whales Shift Funds Away from Ethereum (ETH)

A report by LookOnChain, an on-chain data analyst, revealed that a particular whale, Machi Big Brother, spent 661 ETH, which is equivalent to $2.05 million, to purchase another coin, FRIEND, at 798,157; the report went on to reveal that this is not the first time the large investor will be doing that. Similarly, another whale wallet spent 384 ETH, equal to $1.2 million, to buy 423,196 FRIEND. Dumping ETH for another crypto shows the lack of trust in the future of Ethereum by some investors.

Just yesterday, License.

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