Metalpha on Ethereum Selling Spree Can Dump 51,300 ETH By End of Week

The Metalpha on Ethereum Selling extended to another fourth successive day in what is now looking like a dumping spree by the asset manager. According to the on-chain analysis, the smart contract associated with the Matalpha address sent more than 33,589 to Binance, in the last four days. 

It follows a similar trend as Ethereum Foundation and its founder Vitalik Buterin who have been cutting on their ETH stashes in recent weeks. ETH price remains stable in the green zone adding 2% in the last 24 hours and with analysts expecting the coin to rise to $1000, a 75% increase.

Evaluations within Ethereum have recently seen some of the top market players selling their ETHs due to the slow growth within the market. On-chain data indicates that Hong Kong based asset manager Metalpha has sold 37. Almost 5% of the ETH in less than 4 days of trading, and the value has only gone upwards – to the moon. So if Metalpha is to continue selling its products at this pace, it is likely to sell off all its assets by end of this week.

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Metalpha on Ethereum Selling Spree

Metalpha, an asset manager in Hong Kong affiliated with Bitmain, recently deposited an additional 10,000 ETH, which is equivalent to $23. 5 million, to crypto exchange Binance in the past few minutes. According to an on-chain analytics platform named LookonChain, Metalpha has deposited 33,589 ETH in the last four days, which is about 77. 55 million, to the exchange.

But what it wasn’t not revealing was that the firm still owns 51,300 ETH worth about $120 million in its reserves. But if it keeps on selling at this rate, it is likely to sell off all its Ethereum by the end of this week.

The Ethereum sales by Metalpha extended to another fourth successive day in what is now looking like a dumping spree by the asset manager. According to the on-chain analysis, the smart contract associated with Matalpha address sent more than 33,589 to Binance, in the last four days. It follows a similar trend as Ethereum Foundation and its founder Vitalik Buterin who have been cutting on their ETH stashes in recent weeks. ETH price remains stable in the green zone adding 2% in the last 24 hours and with analysts expecting the coin to rise to $1000, a 75% increase.

Evaluations within Ethereum have recently seen some of the top market players selling their ETHs due to the slow growth within the market. On-chain data indicates that Hong Kong based asset manager Metalpha has sold 37. Almost 5% of the ETH in less than 4 days of trading, and the value has only gone upwards – to the moon. So if Metalpha is to continue selling its products at this pace, it is likely to sell off all its assets by end of this week.

ETH Price Shows Resilience to Dumping

Metalpha, an asset manager in Hong Kong affiliated to Bitmain, recently deposited an additional 10,000 ETH, which is equivalent to $23. 5 million, to crypto exchange Binance in the past few minutes. According to an on-chain analytics platform named LookonChain, Metalpha has deposited 33,589 ETH in the last four days, which is about 77. 55 million, to the exchange.

 But what it wasn’t not revealing was that the firm still owns 51,300 ETH worth about $120 million in its reserves. But if it keeps on selling at this rate, it is likely to sell off all its Ethereum by the end of this week.