The ETH price has painfully plunged twice in the past month, down by 23.5% in total.

In this short analysis, we highlight 4 key forces likely behind the sale of 197.8K ETH ($599M) in the past 2 months, contributing to these recent dumps and even previous crashes for your future monitoring. They are the Ethereum Foundation, Jump Trading, ICO-linked Whale 0xe17, and Diamond-hand Whale “0x682”.

Fig 1. The ETH price dropped by 23.5% in the past month.

1. The Ethereum Foundation:

On August 23, the Ethereum Foundation deposited 35,000 ETH ($93.8M) to Kraken. 5 days later, the $ETH price dropped by ~9%.

The Foundation has a track record of moving ETH ahead of major dumps, especially in 2024, as illustrated below.

They currently hold 275K $ETH ($677M). For more details, visit the entity Ethereum Foundation.

Fig 2. The Ethereum Foundation has sold 37,516 ETH ($101M) in 2024 so far, mostly before dumps.

2. Jump Trading:

Between July 25 and August 6, Jump Trading deposited a net amount of 88,917 ETH ($276M) to various exchanges, including Binance, OKX, Coinbase, Bybit, and Gate.io. On August 5, the ETH price nosedived by 20%.

However, after the first crash on August 5, they seem to have paused their ETH deposits.

Currently, Jump Trading still holds 29K STETH ($71.7M) and 24.6K ETH ($60.7M), totaling $132.4M. For more details, visit the entity Jump Trading.

Fig 3. Jump Trading moved 88,917 ETH ($276M) to CEXs, mostly ahead of the first crash on August 5.

3. ICO-linked Whale 0xe17:

Since July 9, this whale has deposited 48,501 ETH ($154M) to OKX at an average price of $3,173, including:

• 38,501 ETH ($129M) deposited in the month before the first dump on August 5;
• 10,000 ETH ($24.8M) deposited before the second dump today.

Currently, the whale holds 303K ETH ($751M), with 15.6K ETH in the wallet frequently used for OKX deposits. For more details, visit the wallet address 0xe17e2774c8b2453172fb3b44e9f822c718fa0ab7.

Fig 4. The ICO-linked Whale 0xe17 deposited 48,501 ETH ($154M) to OKX in the past 2 months.

4. Diamond-hand Whale 0x682:

Since July 25, this whale has deposited 25,000 ETH ($73.9M) to Kraken on two occasions, both preceding significant price drops:

• 10,000 ETH ($34.2M) at $3,420 on July 25, before a 7.6% drop.
• 15,000 ETH ($39.7M) at $2,645 on August 20, before a 2.5% drop.

Currently, the whale holds 41.6K ETH ($103M) with an estimated total profit of $127M (+83%). For more details, visit the wallet address 0x682aa4ecb9c8ea51b22433189e979cad3f958711.

Fig 5. The Diamond-hand Whale 0x682 moved 25,000 ETH ($73.9M) to Kraken before the recent dumps.

Remember to follow @spotonchain and set alerts to monitor these entities with us now!