Analysis

Unexpected ETH Price Drop Following Major Sale By MEV Trading Firm

Key Points:

  • Symbolic Capital’s sale of 6,968 ETH may have lowered Ethereum’s price.
  • BlackRock and Fidelity have reapplied for Ethereum ETFs with the SEC.
  • The SEC is poised to approve Ethereum ETFs by May 23.
ETH price dropped right after Symbolic Capital Partners sold 6,968 ETH, valued at approximately $27.38M. Meanwhile, spot Ethereum ETF interest goes on, with a decision expected by May 23.

The price of Ethereum (ETH) may have been suppressed due to the sale of 6,968 ETH by MEV trading firm Symbolic Capital Partners. According to monitoring by Twitter user @ai_9684xtpa, ETH briefly fell below 3800 USDT half an hour ago.

ETH Price Drop Following Massive Sale

As reported, Symbolic Capital Partners sold 6,968 ETH, equivalent to about 27.38 million U.S. dollars, within a minute. The average selling price stood at 3,930 U.S. dollars, with a single transaction selling 3,497 ETH at once on the chain and a bribe fee of 90 ETH.

Ethereum has recently been a focus in the market due to its spot Ethereum exchange-traded funds (ETFs). According to a report from CoinCu, BlackRock has refiled for its spot Ethereum ETF based on an amended 19b-4 form to the United States Securities and Exchange Commission (SEC).

Readmore: Spot Ethereum ETF: BlackRock Re-files Critical Form With SEC

Recent Developments in Ethereum ETFs

It is also reported that Fidelity continues to plan for a spot Ethereum ETF with a revised S-1 application sent to the SEC. Projections suggest a decision regarding Ether ETFs may be out by May 23.

The US SEC is seemingly ready to greenlight spot Ethereum ETFs, a report from Barron says. ETH is trading at $3,796 at the time of writing, after retreating from the recent high of $3,935 set during a two-month high earlier.

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

23 mins ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

2 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

5 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

6 hours ago

Sheetz Crypto Payments Now Accepted at Over 750 US Locations

Sheetz crypto payments: 750+ US stores now accept Bitcoin, Ethereum, and more, rewarding customers through…

6 hours ago

Zhu Su Wife Sells Singapore Mansion for $38 Million

Zhu Su’s wife sells Singapore mansion for $38.5 million amid heightened financial scrutiny on Three…

7 hours ago

This website uses cookies.