Recently, everyone may have noticed that Ethereum ETFs have been consistently flowing in, and the Ethereum version of MicroStrategy, SharpLink, has also been making purchases, but why is the price weak or even declining?
According to on-chain data, two addresses have redeemed 95,313 ETH from staking, and they have already transferred 68,182 ETH (165 million) to exchanges such as HTX, OKX, and Bybit.
Currently, there are still 27,131 ETH (67.51 million) left in the addresses, which is expected to continue being transferred to exchanges in the coming days. These ETH were staked last year, with an average price of 2878 at the time of staking, while the average price for redemption and transfer to exchanges is currently 2431, indicating a loss of 42.6 million.
Is this data indicating a sell-off? It can't be said with 100% certainty at the moment, but it is indeed quite unreasonable. In the past, when Ethereum ETFs experienced such inflows, there would definitely be a reaction; even if there wasn’t a reaction, the price would show resilience. However, on-chain data shows that the Ethereum Foundation's addresses have been offloading, so without the Ethereum staking ETF being released, many institutions relying on the old staking model won't be able to hold out for long.
