Ethereum exchange-traded funds (ETFs) and other crypto whales have abruptly dumped massive amounts of ETH amid market uncertainty, on-chain data shows.
Blockchain analytics firm Arkham says that BlackRock’s iShares Ethereum Trust ETF (ETHA), Fidelity’s Ethereum Fund (FETH) and Grayscale Ethereum Trust ETF (ETHE) were all unloading ETH on Tuesday.
[adinserter block="1"]“BlackRock sold ETH. Fidelity sold ETH. Grayscale sold ETH. Nobody bought ETH.”
Meanwhile, blockchain analytics firm Lookonchain says that three crypto whales alone unloaded nearly 34,500 ETH worth $148 million on Tuesday.
“Whales are panic-selling ETH as the market plummets!
0x1D8d deposited 17,972 ETH ($77.4 million) to Coinbase.
0x5A8E deposited 13,521 ETH ($57.72 million) to Binance.
0x3684 deposited 3,003 ETH ($12.89 million) to Binance.”
As whales and ETH ETFs were selling, companies holding ETH on their books have been adding more, according to on-chain data.
Lookonchain says that Fundstrat co-founder Tom Lee’s BitMine Immersion (BMNR), the largest Ethereum treasury firm in the world, and SharpLink Gaming, a company chaired by Consensys CEO and Ethereum co-founder Joseph Lubin, continue to buy the top altcoin by market cap.
“Bitmine bought another 52,475 ETH ($220 million) [on Tuesday] and currently holds 1,575,848 ETH ($6.6 billion)…
SharpLink Gaming bought 143,593 ETH ($667 million) at $4,648 last week and currently holds 740,760 ETH ($3.19 billion). Together with Bitmine, they bought 516,703 ETH ($2.22 billion) last week.”
ETH is trading for $4,324 at time of writing, up 4% in the last 24 hours.
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