Ethereum’s Drop Possibly Due To Large Sell-Off By EOS

Tech site TrustNodes has blamed the price drop of Ethereum (ETH) on May 28 on a large sale of ETH on crypto exchange Bitfinex that they attribute to EOS. Twitter Crypto Expert WhalePanda also pulled out an identical opinion about EOS’s role in the ETH sell-off.

Ethereum is currently trading around $517, down 8.43% over a 24 hour period at press time.

Earlier this month, TrustNodes reported that EOS spent around $950 mln in ETH in the last 30 days, according to data analysis by crypto data feed Santiment.

Yesterday TrustNodes wrote that around 180,000 ETH was traded in one hour on Bitfinex, as opposed to the usual 20,000 ETH per hour recorded by Bitfinex.

TrustNodes suggests EOS being the party trading the large amount of ETH. They note that EOS has spent $1m in ETH four days ago, and today the number is raised to around $1.4m.

Bitfinex has traded in around $238m in ETH over a 24 hour period at press time, while OKEx is less than half of that at around $104m, and Huobi at around $98m, according to data from CoinMarketCap.

EOS, which will launch their mainnet on June 2, is currently trading for around $12, down by over 4% over a 24 hour period.