Lido DAO

Frax Share

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The SEC has delayed the decision on Spot Ethereum ETFs, causing a sell-off of Ethereum-based tokens.</li>
 <li>A single whale/institution sold millions worth of Ethereum-based tokens, causing significant price drops.</li>
</ul>
<p>The President of ETF Store, Nate Geraci, recently announced that the United States Securities and Exchange Commission (SEC) has postponed the decision on the launch of Spot Ethereum ETFs from 2 July to mid-July.</p>
<p>This announcement sparked a significant sell-off across numerous <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> based tokens.</p>
<h2 id="whale-sells-ethereum-tokens-at-a-loss">Whale Sells Ethereum Tokens at a Loss</h2>
<p>On 3 July, Lookonchain, an on-chain analytics firm, reported that a single whale or institution sold millions worth of Ethereum-based tokens. These included Lido DAO (LDO), Aave (AAVE), UniSwap (UNI), and Frax Share (FXS).</p>
<p>The sell-off resulted in a substantial price drop for these tokens. For instance, LDO experienced a 14% price drop, AAVE depreciated by 9%, UNI declined by 5%, and FXS lost 12% of its value.</p>
<p>The whale initially spent over $73 million to purchase Ethereum and related tokens. Despite the significant sell-off, the whale still holds a substantial amount of LDO and AAVE.</p>
<h2 id="impact-on-ethereum-s-price">Impact on Ethereum’s Price</h2>
<p>This massive sell-off suggests that if the SEC delays the Spot Ether ETFs again, there could be another significant sell-off of ETH and related tokens. Steve Kurz, the Head of Asset Management at Galaxy Digital, told Bloomberg that the SEC could potentially approve the Spot Ether ETF within the next few weeks.</p>
<p>On the price charts, Ethereum appears to be near its critical support level of $3,250 and below the 50 EMA. If Ethereum fails to maintain this level, there could be a significant downside move to the $2,870 level.</p>
<p>Despite the optimism around Spot Ether ETFs, Ethereum also recorded a price drop of 5% in the last 24 hours.</p>

ETH, AAVE, and UNI Price Impact: Unravelling the Mystery of the Whale’s Latest Move

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CoinEagle.com

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