Ethereum (ETH) has been under significant selling pressure over the past months, with both retail and institutional investors continuing to offload their holdings. The latest development involves a major creditor from Genesis Trading liquidating a substantial amount of ETH received as liquidation compensation.
Genesis Trading’s Largest Creditor Sells ETH
In early August, a creditor who received 114,502 ETH (worth approximately $358.19 million) from Genesis Trading as part of liquidation compensation has now started selling significant amounts of the cryptocurrency. According to data shared by EmberCN, this individual has sold around 12,100 ETH in the past three days, valued at approximately $31.43 million.
Sale Activity Raises Concerns
The creditor is reported to be the largest ETH recipient from Genesis Trading’s liquidation compensation, which took place on August 2. They received a total of 114,502 ETH, making them the biggest beneficiary in terms of ETH allocation.
EmberCN’s analysis reads:
“On August 2, this person received 114,502 ETH (worth $358.19 million) as liquidation compensation from Genesis Trading, making them the largest ETH creditor. Three days ago, they began transferring ETH to FalconX and have since sold a total of 12,100 ETH (worth $31.43 million).”
此前在 8 月份 Genesis Trading 清算赔付中获赔 ETH 最多的债权人 0x999…46E，在最近 3 天里出售了 12,100 ETH ($31.43M)。
他在 8/2 收到了 Genesis Trading 清算赔付的 114,502 ETH ($358.19M)，是获赔 ETH 最多的债权人。
他在 3 天前 (9/23) 开始将 ETH 转进 FalconX，目前一共转移了 12,100… https://t.co/eQJewHJeuA pic.twitter.com/ysyrnrmha7— 余烬 (@EmberCN) September 26, 2024
What’s Next for Ethereum?
This large-scale sale could contribute to further selling pressure on Ethereum’s price, raising concerns about ETH’s short-term outlook. With market volatility on the rise, all eyes will be on how much more ETH is sold and whether this could trigger a broader selloff.
