Connect with us
Active Currencies 14557
Market Cap $2,670,188,436,566.29
Bitcoin Share 49.87%
24h Market Cap Change $-1.69

Voyager sells ETH; should short-term Ethereum holders be worried? 

2min Read
Voyager dumps ETH; should short-term Ethereum holders be worried? 

Share this article

  • Voyager currently holds nearly 148,774 ETH, over $57 million worth of SHIB, and 1.44 million LINK.
  • ETH accumulation increased and metrics remained bullish. 

Twitter account Lookonchain revealed an interesting transaction that happened on 5 March 2023. As per the tweet, Voyager continued to dump its holdings as it sold 1,449 Ethereum [ETH], worth over $2 million, via Wintermute. In exchange, Voyager received 2.25 million USDC. 

Is your portfolio green? Check the Ethereum Profit Calculator

After this massive transaction, Voyager holds nearly 148,774 ETH, worth $233.5 million, over $57 million worth of Shiba Inu [SHIB], and 1.44 million Chainlink [LINK], among others.

This episode happened while the SEC objected to the deal between Binance and Voyager, saying the regulator had essentially asked to “stop everybody in their tracks” without explaining how to address its concerns.

Should Ethereum HODLers be worried?

Though the sell-off brought along with it the possibility of a further dump, the chances of that happening were thin. Glassnode’s data revealed that the number of addresses with more than 1 ETH reached a one-month high of 1,743,911 on 5 March.

The increase in this metric suggested that the market’s confidence in ETH was high as more investors trusted the token. 

As per Santiment, ETH’s total supply held by top addresses also increased last month. As accumulation increased, the possibility of a dump was reduced.

Additionally, it was interesting to see a hike in the supply held by top non-exchange addresses over the last few weeks, while the same metric for top exchange addresses declined slightly.

Not only this, but Ethereum’s exchange supply recently fell to a five-year low. 

Source: Santiment

The future looks secure

As the date of the much-awaited Shanghai upgrade approaches, several other metrics also turned in ETH’s favor, giving hope for a secure future.

For instance, the total value locked in the ETH 2.0 deposit contract just reached an all-time high of 16,694,295 ETH, which looked promising. 

Besides, as per CryptoQuant’s data, ETH’s exchange reserve was decreasing, indicating less selling pressure.

The king alt’s total number of active wallets also increased. However, ETH’s taker buy-sell ratio turned red. This was a negative signal, as it indicated that selling sentiment was dominant in the derivatives market.

Realistic or not, here’s ETH market cap in BTC‘s terms

Decent on-chain performance

Furthermore, Santiment’s chart suggested that ETH’s velocity remained relatively high, indicating more movement of the asset across addresses.

Its network growth also managed to go up in the last few weeks, which was a positive signal. Nonetheless, despite the Shanghai upgrade anticipation, ETH’s development activity has declined lately. 

Source: Santiment


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.