Ethereum's price has dropped by 2.69% today, reaching a low of $3,269.21, as the market reacts to significant sell-offs by a dormant Ethereum whale. This whale, inactive for eight years, recently sold $224 million worth of Ethereum, sparking concerns about potential downward pressure on the cryptocurrency's price. Despite the sell-off, Ethereum's price had initially shown resilience, rising over 5% earlier in the day. However, the continued selling pressure has led to a decline, with investors closely monitoring the whale's future moves. The whale's activity has raised questions about the potential impact on Ethereum's market dynamics, especially given the substantial amount of Ethereum still held by the whale.
Adding to the downward pressure on Ethereum is the contrasting investor sentiment towards Bitcoin, which has seen significant inflows into spot Bitcoin ETFs, totaling $1.05 billion. In contrast, spot Ethereum ETFs experienced a net outflow of $9 million, indicating a shift in investor focus towards Bitcoin. Nate Geraci, President of The ETF Store, highlighted the remarkable financial success of Bitcoin ETFs, which have seen total net inflows exceeding $30 billion. This divergence in interest between Bitcoin and Ethereum suggests that investors are currently prioritizing Bitcoin, potentially contributing to Ethereum's price decline.