Ethereum (ETH) price remains under pressure as major holders continue to offload, following a market crash over the weekend. On Aug. 5, whale Metalpha moved nearly $73 million in ETH to Binance, contributing to over $1 billion in crypto liquidations in the past 24 hours.
Jump Crypto also transferred $231 million in ETH to various exchanges since July 25, with $46.8 million moved over the weekend. Additionally, the US government shifted 300 ETH from seized funds to an unknown address on Aug. 5.
Grayscale’s spot Ethereum ETF saw significant outflows of $335 million on Aug. 5, while BlackRock’s ETF registered $221 million in inflows. This ETF pressure is a critical factor affecting Ethereum’s short-term price.
Despite recovery attempts by bulls, the strategic offloading by large holders underscores the broader market volatility and the challenges Ethereum faces in maintaining its value.
