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Metalpha on Ethereum Selling Spree, Can Dump 51,300 ETH By End of Week

Metalpha's Ethereum selling continued for the fourth consecutive day in a row as the asset manager joins Ethereum Foundation in ETH dumping.
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Metalpha on Ethereum Selling Spree, Can Dump 51,300 ETH By End of Week

Highlights

  • In the past four days, Matalpha deposited over 33,589 ETH to crypto exchange Binance.
  • It joins the Ethereum Foundation and Vitalik Buterin who have been reducing their ETH holdings in recent weeks.
  • ETH price shows resilience gaining 2% in the last 24 hours with analysts predicting up to 75% rally.

Top market players have recently been dumping their ETH amid criticism of the slow growth within the Ethereum ecosystem. On-chain data shows that Hong Kong-based asset manager Metalpha has liquidated 37.5% of the ETH holdings in just the last four days. Well, if Metalpha continues selling at the same rate, it might liquidate all of its holdings by the end of this week.

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Metalpha on Ethereum Selling Spree

Bitmain-affiliated Hong Kong-based asset manager Metalpha deposited 10,000 more Ethereum, worth $23.5 million, to crypto exchange Binance in the past few minutes. On-chain analytics platform LookonChain stated that in the last four days, Metalpha has deposited a total of 33,589 ETH, worth around $77.55 million, to the exchange.

However, it turns out that the firm still holds 51,300 ETH, valued at roughly $120 million in its treasury. But if the asset manager continues to sell at the same rate, it can empty its Ethereum stash by the end of this week.

The significant deposits have drawn the attention of market analysts and the crypto community, as large transactions like these can impact the ETH price. While such actions may result in short-term price fluctuations, their long-term effects remain uncertain.

Interestingly, this ETH dump comes at a time when both the Ethereum Foundation and Vitalik Buterin have been reducing their ETH holdings in the past few weeks. On the other hand with the Ethereum revenue dropping significantly, the broader market sentiment has taken a hit.

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ETH Price Shows Resilience to Dumping

As of press time, the ETH price is trading 1.92% up at $2,345 levels with its market cap above $282 billion. This comes as the broader crypto market shows recovery ahead of the US CPI data for August.

Market analysts remain optimistic about ETH, stating that if the US macros support and the Fed proceeds with the interest rate cut decision next week, there’s a high likelihood of a 75% ETH price rally all the way to $3,500 levels.

Although big players like Metalpha, Ethereum Foundation and Vitalik Buterin have been moving their ETH to exchanges, CryptoQuant data suggests a negative net flow exceeding 40,000 ETH on derivative exchanges.

This indicates a significant withdrawal of ETH from these platforms, which may suggest reduced selling pressure or a decline in borrowing for new short positions. Analysts believe this could signal a potential shift in market sentiment for ETH.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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