Key Points
- The latest recipient of the Genesis bankruptcy proceedings has been selling large amounts of Ethereum (ETH).
- Despite significant liquidations, Ethereum’s price remains steady above $2,600.
A recent development in the cryptocurrency market has seen large-scale Ethereum holders, or ‘whales’, selling off their holdings.
This activity has been linked to the latest recipient of the Genesis bankruptcy proceedings, who has been offloading significant amounts of their Ethereum holdings.
Genesis Creditor’s Ethereum Sell-Off
Data from Arkham Intelligence reveals that over the past three days, the creditor has sold a total of 12,100 ETH, worth an estimated $31.4 million.
This sale comes shortly after the creditor received a large repayment in late August from Genesis Trading.
On-chain data suggests that this creditor, with the wallet address 0x999…46E, received one of the largest compensations from the repayment process.
On August 2nd, the wallet address received 114,502 ETH, valued at approximately $358.19 million.
Despite holding a significant portion of these liquidation proceeds, the creditor has already started selling a notable portion of their allocation.
The sell-off began on September 23, with the wallet initiating transfers of Ethereum to FalconX, a well-known institutional cryptocurrency brokerage.
In the following days, the creditor transferred a total of 12,100 ETH, with the latest transaction occurring on Wednesday, September 25.
This transaction involved a total of 7,099 ETH, worth an estimated $18.56 million.
Genesis Bankruptcy and Ethereum Price Stability
Genesis filed for bankruptcy in 2023 following a series of challenges, including issues related to its parent company, Digital Currency Group.
As part of its Chapter 11 bankruptcy process, Genesis began repaying its creditors last month, distributing approximately $4 billion in crypto assets to those affected.
Despite these large-scale liquidations, Ethereum’s price has managed to remain above $2,600, demonstrating resilience against selling pressure.
Amid recent Ethereum consolidation, whales have continued to buy the dips and increase their Ethereum holdings.
Data from LookonChain reveals that 2 smart whales have consistently conducted successful Ethereum swing trades, yielding significant profits.
The latest report from Crytoquant indicates a bullish shift in Ethereum funding rates, suggesting Ethereum futures traders are optimistic about an Ethereum price rally to $3,000.
