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The leading provider of ETFs in the digital assets space, WisdomTree has gained market traction with its recent Bitcoin and Ethereum transfers. Notably, this movement comes as both the top two crypto by market cap noted sharp price declines over the last 24-hour timeframe. Besides, the fund manager still holds a significant amount of BTC and ETH, which has fueled concerns over further dip ahead for the crypto.
WisdomTree Dumps $599M In Bitcoin & Ethereum
The on-chain analytics firm Onchain Lens has reported the latest transfers of WisdomTree, citing Arkham Intelligence data. According to the report the fund manager has deposited 8.258K BTC, worth around $598.89 million, from yesterday to one of the top crypto exchanges, Coinbase.
Simultaneously, it had deposited 48.83 Ethereum or $125,000 in ETH to the same exchange since October 31. The deposits of BTC and Ether totaled around $599 million, which has weighed on the investors’ sentiment, especially amid a topsy-turvy scenario in the market.
Meanwhile, the report notes that WisdomTree still holds 5,611 BTC, valued at around $388 million, and about 16,767 ETH, worth $41.9 million. This has further fueled concerns that if the firm continues to move ahead with its selling plans, it might further add pressure to the crypto prices.
Source: Onchain LensBTC & ETH Prices At Risk?
The global crypto market noted a sharp decline recently, with Bitcoin and other top altcoins noting sharp declines. The overall crypto market cap was down nearly 3.9% during writing today, while BTC price retreated over 4% and ETH price noting a slump of 5%.
It’s worth noting that Bitcoin price witnessed a steady momentum through October, mirroring its usual “Uptober” performance. Besides, BTC also reached close to its ATH of $73,750 last week, indicating the growing confidence of the investors.
On the other hand, Ethereum price noted slight gains through October, while failing to mirror the robust surge seen in BTC. However, despite the recent selloff by WisdomTree, a flurry of investors remain optimistic given the upcoming US Presidential Election. Many in the crypto community anticipate the digital assets to record positive momentum following the election.
However, a recent Bitcoin price analysis hints at a potential dip for the crypto to $59,364 if the selloff continues. Simultaneously, top crypto market expert Peter Prandt predicts a potential Ethereum price crash to $1550, which has dampened the investor’s sentiment.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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