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Ethereum (ETH) may be facing further price declines following a significant sell-off by BlockTower Capital, a prominent crypto venture capital firm. On August 13, BlockTower Capital sold approximately $25 million worth of Ethereum, sparking concerns about a potential downturn in the ETH market.
BlockTower Capital’s Major ETH Sell-Off
BlockTower Capital executed the sale of 9,232 ETH, valued at around $24.8 million, through various well-known crypto trading platforms. The sales were distributed across several platforms as follows:
- 3,537.81 ETH via FalconX
- 2,954.28 ETH through B2C2 Group
- 2,090.24 ETH via Wintermute Trading
- 639.28 ETH on Cumberland
This substantial liquidation by a major player in the crypto space has raised alarms, especially as it coincides with a broader market decline. On Monday, both Bitcoin (BTC) and Ethereum saw their prices drop by over 4%, reflecting a waning institutional interest in the market.
The ETH sell-off by BlockTower Capital is part of a larger trend of institutional investors pulling back from significant investments in the crypto market. In addition to BlockTower’s sale, an ICO investor recently dumped over $154 million in Ether, further pressuring ETH prices.
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Moreover, Lookonchain, a blockchain analytics platform, reported a noticeable halt in large Tether (USDT) inflows from the Tether Treasury to major exchanges like Kraken and Binance. This pause in institutional USDT movements, which began three days ago, suggests a broader retreat from the crypto market by large investors.
Potential Impact on Ethereum Price
Given these developments, the ETH price could face additional downward pressure in the near term. The sell-off by BlockTower Capital and the broader pullback by institutional investors indicate a growing sense of caution in the market. If this trend continues, it could lead to further declines in Ethereum’s price as market sentiment shifts.
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