Ethereum is facing renewed fear, uncertainty, and doubt (FUD) as Ether prices drop sharply. On October 3, on-chain analytics platform Lookonchain reported that a whale, who participated in Ethereum’s initial coin offering (ICO) in 2014, has been aggressively selling off their Ether.
Over the past two days, this entity sold 19,000 ETH, worth about $47.5 million. The selling spree began in late September, when more than 12,000 ETH was sent to the Kraken exchange.
Since October 1, ETH prices have fallen nearly 10%. It started at $2,650 but hit a low of $2,365 on October 3. This decline outpaces the broader crypto market, which dropped 2.6% during the same period, according to CoinMarketCap.
The ETH/BTC ratio also slipped back to 0.039, reflecting concerns among traders. Crypto trader “Bluntz” noted, “Yikes, even day zero ETH OG’s are jumping ship,” while others criticized Ethereum for dragging the market down.
Despite the challenges, many Ethereum supporters remain optimistic. Educator Anthony Sassano stated, “The FUD is never-ending,” emphasizing that many in the industry don’t care about the truth.
Additionally, institutional interest seems to be returning, with nine spot Ether ETFs seeing an inflow of nearly $20 million on October 2, primarily driven by BlackRock.
As Ethereum navigates these turbulent waters, its community continues to support its future potential.
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