Ethereum Price Risks Falling as Bitcoin OG Deposits $396M in ETH, More Selloff Ahead?
Bitcoin Ethereum Ethereum Price Risks Falling as Bitcoin OG Deposits $396M in ETH, More Selloff Ahead? Ethereum price traded near the flatline today, despite a slight uptick recorded in the broader crypto market. Notably, the flagship crypto came into focus today, after Garrett Jin (BitcoinOG1011short) deposited $396 million in ETH to Binance. A flurry of market participants is evaluating if he plans to sell the ETH holdings ahead. Simultaneously, if he continues offloading Ethereum, it could further put pressure on the ETH price. $396M Ethereum Movement Sparks Discussions According to the latest data from Lookonchain, Garrett Jin has deposited 166,023 Ethereum to Binance, valued at $396 million. This has sparked speculation about whether he plans to sell his holdings, which in turn could hamper the much-anticipated rally in the Ethereum price. Source: Lookonchain, X In addition, he still holds 381,695 ETH, worth $907.2 million at the current price. Having said that, the investors are closely watching if he continues to dump ETH in the near future, which could further dampen the market sentiment. Meanwhile, the leading on-chain transaction tracking platform, Lookonchain, has further fueled discussions with its latest update. For context, another update showed that the US Government deposited 3.233 ETH, worth $7.63K, from the Glenn Olivio Seized