Ethereum Drops by 24.61% in a Month as Major Entities Offload $599M in $ETH Amid Market Uncertainty

• Ethereum Foundation offloaded 35K $ETH before a 9% drop, maintaining a $677M holding.
• Jump Trading’s $276M $ETH sale triggered a 20% price plunge in early August.
• Whales “0xe17” and “0x682” moved $227.9M in $ETH, contributing to recent market turbulence.

According to data from SpotOnChain, Ethereum ($ETH) has experienced notable price drops twice in the past month, with the cryptocurrency plunging by a substantial 24.61%. A recent analysis points to four major entities that likely contributed to the sell-off, accounting for a total of 197.8K $ETH ($599 million). These include the Ethereum Foundation, Jump Trading, an ICO-linked whale known as “0xe17,” and another large holder referred to as “0x682.”

The Ethereum Foundation’s Strategic Moves

The Ethereum Foundation, On August 23, made a notable transaction by depositing 35K $ETH, valued at $93.8 million, to the Kraken exchange. Five days later, the price of Ethereum dropped by approximately 9%. This pattern aligns with the Foundation’s history of moving large amounts of $ETH ahead of price declines, particularly throughout 2024. Currently, the Ethereum Foundation holds 275K $ETH, worth around $677 million, indicating a strategic approach to managing its assets.

Jump Trading’s Impact on Ethereum’s Price

Between July 25 and August 6, Jump Trading made a series of deposits, totaling 88,917 $ETH ($276 million), across various centralized exchanges (CEXs). Notably, on August 5, Ethereum’s price plummeted by 20%, coinciding with these deposits. However, after the initial price crash, Jump Trading appears to have paused its $ETH deposits. As of now, the trading firm holds 29K $STETH ($71.7 million) and 24.6K $ETH ($60.7 million), bringing their total holdings to $132.4 million.

Whale Activity: “0xe17” and “0x682”

An ICO-linked whale, identified as “0xe17,” has been another cause of the recent Ethereum sell-off. Since July 9, this whale has deposited 48.5K $ETH ($154 million) to OKX, with 38.5K $ETH ($129 million) deposited in the month leading up to the first major price drop on August 5. Additionally, 10K $ETH ($24.8 million) was deposited before the second dump. Currently, “0xe17” holds 303K $ETH, valued at $751 million, with 15.6K $ETH in a frequently used wallet for OKX deposits.

Another key player, “0x682,” a whale known for holding $ETH for extended periods, deposited 25K $ETH ($73.9 million) to Kraken in two separate transactions. These deposits, made on July 25 and August 20, were followed by significant price drops of 7.6% and 2.5%, respectively. “0x682” currently holds 41.6K $ETH, valued at $103 million, with an estimated total profit of $127 million, reflecting an 83% gain.