Voyager sells ETH; should short-term Ethereum holders be worried?

Voyager sells ETH; should short-term Ethereum holders be worried?

March 6, 2023

By Suzuki Shillsalot

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Voyager currently holds nearly 148,774 ETH, over $57 million worth of SHIB, and 1.44 million LINK.

ETH accumulation increased and metrics remained bullish.

Twitter account Lookonchain revealed an interesting transaction that happened on 5 March 2023. As per the tweet, Voyager continued to dump its holdings as it sold 1,449 Ethereum [ETH], worth over $2 million, via Wintermute. In exchange, Voyager received 2.25 million USDC.

After this massive transaction, Voyager holds nearly 148,774 ETH, worth $233.5 million, over $57 million worth of Shiba Inu [SHIB], and 1.44 million Chainlink [LINK], among others.

This episode happened while the SEC objected to the deal between Binance and Voyager, saying the regulator had essentially asked to “stop everybody in their tracks” without explaining how to address its concerns.

Should Ethereum HODLers be worried?

Though the sell-off brought along with it the possibility of a further dump, the chances of that happening were thin. Glassnode’s data revealed that the number of addresses with more than 1 ETH reached a one-month high of 1,743,911 on 5 March.

The increase in this metric suggested that the market’s confidence in ETH was high as more investors trusted the token.