Ethereum OG Offloads $136M as Price Hits $2K

- Long-term holders steady despite $136 million ETH sale by early investor - Short-term holders driving most selling pressure amid market downturn On June 2, 2024, Cointelegraph reported that an early Ethereum (ETH) investor sold $136 million in ETH as prices approached the $2,000 mark. The sizable sale raised concerns about further market declines and sparked fears of a potential cascade of long-term holder exits. However, on-chain data reveals that newer holders, not Ethereum’s original “OG” investors, generate most of the selling pressure. On the same day, Cointelegraph reported that on-chain analytics platform Lookonchain first tracked the high-profile transaction and identified the seller as a long-standing participant in the Ethereum ecosystem. Despite the large volume, “HODL wave” metrics and on-chain supply trends indicate that long-term wallets remain stable, and analysts see no evidence of broad-scale dumping by early investors. According to Cointelegraph on June 2, 2024, the outlet’s review shows that short-term holders drove the majority of ETH sell-offs over the past week, while wallets linked with early adopters remain largely unmoved. Analysts warn that prices could slide toward the $1,500–$1,700 range if demand for spot ETH exchange-traded funds (ETFs) continues to weaken and ETH loses its $1,800 support. Nevertheless, on-chain data shows no signs of a mass exodus by Ethereum’s earliest backers. As of 04:09 UTC on June 2, 2024, Cointelegraph reported, citing CoinMarketCap data, that Ethereum (ETH) traded at $1,996.65, down 0.33% over the past 24 hours.