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 alternate, has been promoting all different stolen property and amassing ETH in large portions.

This might function a warning bell for Ethereum traders because the hacker might presumably dump all the Ethereum to money out. Fashionable crypto analyst Dylan LeClair lately wrote:

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

The FTX exploiter handle has been changing all different property equivalent to $PAXG, $DAI, and so forth. into ETH over a sequence of a number of transactions. As of now, a staggering 95% of the handle’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 handle has acquired funds from 100+ completely different addresses, with the biggest being a complete of 100,614 $ETH from handle 0x9008d19f58aabd9ed0d60971565aa8510560ab41. 

Ethereum ETH Whale Holdings on A Decline

One other cautious sign for Ethereum traders is that the ETH whale holdings have been on a decline. The provision among the many high 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. Possible associated to #FTX handle shuffling, this blue line has correlated considerably with value. However it might be anomalous beneath these distinctive circumstances.

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

Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the 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 typically discover his culinary expertise.

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