Anonymous crypto trader sold a record amount of Ethereum amid Genesis Trading’s bankruptcy

A creditor who received payments from the bankrupt Genesis Trading company sold 12,100 ETH worth $ 31.43 million in three days. After the payment as part of the liquidation of Genesis Trading in August 2024, the creditor received 114,502 ETH, which at that time was valued at $ 358.19 million.

The largest transaction took place on September 25, when 7,099 ETH were sold for $ 18.56 million. Despite the sale of a significant amount of ethereum ETH $3,129.77 Bridged Ether (StarkGate) -0.31% Market capitalization $0.26 billion VOL. 24 hours $1.17 billion , its rate remained above $ 2,600.

As a reminder, Genesis Trading, a subsidiary of Digital Currency Group, filed for bankruptcy in early 2023 after a series of financial problems. In August 2024, the company began paying creditors by distributing about $ 4 billion in crypto assets.

Over the past week, ETH has grown by 16%, leaving behind a period of stagnation. According to the data, starting in September, large holders (whales) began to actively accumulate ETH. In particular, whales' balances increased by 360,000 coins, which is equivalent to $ 949.68 million at current prices. This indicates a significant interest in the asset among large investors, which contributes to its growth.

During September, there was also a sharp jump in incoming transactions by large holders, which increased the overall demand for the coin. However, although ETH is currently on an uptrend, a price correction is possible in the near future, especially in the area between $ 2,800 and $ 2,900, where the price has previously encountered resistance.