Ethereum
Why Ethereum is down 2.3% today
Analysis
Ethereum (ETH) fell 2.3% over the past 24 hours as traders reacted to a long-dormant whale resurfacing and moving roughly $145 million worth of ETH after nine years, a flow that can raise near-term sell-pressure concerns and weigh on sentiment. Separately, the Ethereum Foundation’s announcement of a post-quantum security team and a $1 million research prize was more long-term in nature and didn’t provide an immediate bullish catalyst for price in the short window.
Contributing Factors (3)
Ethereum whale resurfaces after nine years, moves $145 million in ETH
An Ethereum whale moved 50,000 ETH on Sunday after approximately nine years of dormancy, according to onchain data.
Ethereum Foundation forms post-quantum security team, adds $1 million research prize
The Foundation announced a $1 million Poseidon Prize to harden a key cryptographic function, adding to the $1 million Proximity Prize announced last year.
Ethereum prepares for quantum era with new security team and funding
Ethereum developers to launch biweekly sessions on quantum-resistant transactions as Foundation commits $2 million in new funding to harden core cryptography.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.