WisdomTree, a major ETF provider in the United States has made headlines with its latest Bitcoin and Ethereum transfers. This follows as the top two cryptos witnessed sharp price declines over the last 24 hours. However, the fund manager still holds a significant amount of BTC and ETH raising speculations over further dip ahead.
A $599M Dump!
Onchain Lens, an on-chain analytics firm, has reported the recent transfers involving WisdomTree, based on data from Arkham Intelligence. According to their findings, the fund manager deposited 8,258 BTC—approximately $598.89 million—into one of the leading cryptocurrency exchanges, Coinbase, just yesterday.
At the same time, it 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.
More Selloff Coming Up?
The report indicates that WisdomTree currently holds 5,611 BTC, valued at approximately $388 million, and about 16,767 ETH, which is worth around $41.9 million. If the firm proceeds with its plans to sell, it could lead to additional pressure on crypto prices, raising concerns within the community.
With the global crypto market reporting a sharp decline recently, with Bitcoin and other top altcoins noting sharp declines, the overall crypto market cap was down nearly 3.9%. Notably, Bitcoin has lived up to its ‘Uptober’ expectations and has seen a steady momentum through October. BTC also reached very close to its ATH of $73,750 in the last week, reflecting the growing confidence of the investors.
ETH Records Minor Gains
However, Ethereum has noted slim gains and could not mirror the massive surge like Bitcoin. 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, if the selloff continues, a recent Bitcoin price analysis indicates a potential dip for the crypto to $59,364.
