WisdomTree, a leading provider of digital asset ETFs, has recently drawn attention with substantial Bitcoin and Ethereum transfers amid significant 24-hour price drops in both cryptocurrencies. Despite these transfers, the fund manager retains a large BTC and ETH holding, raising concerns about potential further declines in the crypto market.
WisdomTree Sells $599M in Bitcoin & Ethereum:
On-chain analytics firm Onchain Lens, referencing Arkham Intelligence data, reported that WisdomTree recently moved 8,258 BTC (approximately $598.89 million) to Coinbase, alongside a deposit of 48.83 ETH (valued at $125,000) since October 31. These combined transfers, totaling around $599 million, have stirred investor sentiment in an already volatile market environment.
According to the report, WisdomTree still holds 5,611 BTC (valued at $388 million) and about 16,767 ETH (worth $41.9 million), raising fears that continued sales might further pressure crypto prices.
Bitcoin and Ethereum Prices at Risk?
The crypto market recently saw a notable downturn, with Bitcoin and other major cryptocurrencies experiencing sharp declines. Overall market cap fell by 3.9%, while BTC dropped over 4% and ETH by 5%. Throughout October, Bitcoin maintained strong momentum, nearly reaching its all-time high (ATH) of $73,750 last week, boosting investor confidence.
Meanwhile, Ethereum saw more modest gains in October and did not replicate Bitcoin’s strong performance. Despite WisdomTree’s recent sell-off, many crypto investors remain optimistic, particularly with the upcoming U.S. Presidential Election, hoping for a post-election rally in digital assets.
However, recent Bitcoin analysis suggests a potential dip to $59,364 if sell-offs persist. Crypto market expert Peter Prandt has also forecasted a possible Ethereum drop to $1,550, dampening investor sentiment further.
