Ethereum (ETH) Dump Triggered by Symbolic Capital Address: Analyst

IconCryptoNewsTerminal Staff23 May, 2024

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Ethereum (ETH) Dump Triggered by Symbolic Capital Address: Analyst

On-chain analyst ai_9684xtpa has attributed a recent drop in Ethereum (ETH) to a transaction originating from a Symbolic Capital address. Symbolic Capital, a venture capital firm co-founded by Polygon's co-founder, sold 6,968 ETH (worth approximately $27.38 million) over a 1-minute period starting at 9:56 PM UTC. The average selling price during this timeframe was $3,930. The analyst speculates that this substantial sell-off by a notable venture capital firm may have contributed to the subsequent decline in ETH's price. Currently, ETH is trading at $3,787.81, representing a 1.35% increase from the previous day, as per data from CoinMarketCap. This analysis highlights the potential impact of large-scale transactions by major players on the broader cryptocurrency market. Investors and traders should be aware of such events to make informed decisions in their investment strategies.

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