Ethereum's price movement today has been heavily influenced by significant sell-offs from large holders, known as whales, and a general decline in market inflows. Ethereum whales have been offloading their holdings at a loss, with one entity selling 10,070 ETH for $33 million DAI, incurring a $1 million loss. This selling pressure is compounded by the fact that Ethereum's supply is nearing pre-merge levels, increasing by 45,000 ETH monthly. Additionally, Tron founder Justin Sun's recent deposit of $320.4 million worth of ETH to HTX has added to the selling pressure, as investors remain cautious amid these developments.
The broader market sentiment has also been affected by large outflows from Ethereum exchange-traded funds (ETFs) and rising balances on centralized exchanges, indicating a potential increase in selling activity. According to SoSoValue, Ethereum funds lost $68 million in assets on Friday, following significant losses earlier in the week. This trend is mirrored by a drop in Ethereum's futures open interest, suggesting waning demand. Despite these challenges, some analysts remain optimistic about Ethereum's long-term potential, predicting a possible surge past $10,000 by mid-2025 if the current bearish sentiment reverses.
Ethereum's price has dropped by 2.78% today, reaching a low of $3,174.94.