Ethereum Investors Slide Deeper Into Losses – What The Drop Below $3,000 Means
Ethereum has spent much of December under pressure, and the r
ETH: US Spot ETF Net Flows. Source: Glassnode
The combination of negative ETF net flows and Ethereum’s recent price behaviorhelps explain rising unrealized losses. Interestingly, various on-chain data sources also reveal different instances of whale addresses reducing their exposure to Ethereum outside of spot ETFs.
For instance, Lookonchain recently highlighted activity from a wallet believed to be linked to Erik Voorhees, which swapped 4,619 ETH, valued at about $13.42 million, into Bitcoin Cash (BCH) over the past two weeks after having been inactive for nearly nine years. Voorhees later responded by clarifying that the wallet does not belong to him and that he does not hold any Bitcoin Cash.
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Lookonchain also pointed to selling pressure from Arthur Hayes, co-founder of BitMEX, who has offloaded a total of 1,871 ETH at about $5.53 million in the past week.
Featured image from Unsplash, chart from TradingView
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