Genesis Creditor Offloads Staggering 12,100 ETH in Latest Liquidation, ETH Price Drop Ahead?

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Genesis Creditor Offloads Staggering 12,100 ETH in Latest Liquidation, ETH Price Drop Ahead?

In the latest development, Ethereum whales have been selling their holdings in big numbers. However, further investigation into the matter reveals that the latest recipient of the Genesis bankruptcy proceedings has been offloading its ETH holdings.

The data from Arkham Intelligence shows that the creditor has sold a total of 12,100 ETH ETH $2 628 24h volatility: 0.3% Market cap: $316.85 B Vol. 24h: $15.20 B just in the last three days, worth a staggering $31.4 million. This development comes soon after the creditor received massive repayment in late August, from Genesis Trading.

As per the on-chain data, the Genesis creditor with the wallet address 0x999…46E has received the largest compensations from the repayment process. Last month on August 2nd, the wallet address received 114,502 ETH worth $358.19 million.

Despite holding a large portion of the liquidation proceeds, the creditor has already started selling a notable portion of their allocation. The sell-off commenced on September 23, with the wallet initiating transfers of ETH to FalconX, a prominent institutional cryptocurrency brokerage.

In the next few days, the creditor transferred a total of 12,100 ETH with the latest transaction happening on Wednesday, September 25. This transfer involved a total of 7,099 ETH worth a total of $18.56 million.

Genesis filed for bankruptcy earlier in 2023 after a series of challenges, including issues stemming from its parent company, Digital Currency Group. As part of its Chapter 11 bankruptcy process, Genesis started repaying its creditors last month, distributing approximately $4 billion in crypto assets to those impacted.

Despite these large-scale liquidations in place, the Ethereum price has managed to hold above $2,600 levels firmly while absorbing the selling pressure.

Ethereum Price Recovery from Here?

Amid the recent ETH consolidation, Ethereum whales have continued to buy the dips and increase their ETH holdings. As per the data from LookonChain, 2 smart whales have held a strong track record of conducting the best ETH swing trades minting strong profits.

2 smart whales who are good at swing trading $ETH both bought $ETH after the $ETH price dropped!

0xe0b5 has swing-traded $ETH 8 times since Aug 12, buying low and selling high each time, with a win rate of 100%, making a total profit of $1.56M!
0xe0b5 bought 10,206 $ETH($26.24M)… pic.twitter.com/IFM9zcsWMW

— Lookonchain (@lookonchain) September 26, 2024

As per the latest report from Crytoquant, the Ethereum funding rates have shown a bullish shift showing the Ethereum futures traders are bullish with the expectation of an ETH price rally to $3,000.next

Genesis Creditor Offloads Staggering 12,100 ETH in Latest Liquidation, ETH Price Drop Ahead?