The price of Ethereum (ETH) has declined 10% over the past week as a major investor in the cryptocurrency continues to sell their stake.
According to data from the Genesis cryptocurrency exchange, an unnamed major holder of Ethereum has been selling his stake in big tranches over the past week.
The Ethereum whale initially held $358 million U.S. worth of the second largest cryptocurrency by market capitalization in a digital wallet.
So far this week, that digital wallet has sold 19,000 Ethereum tokens worth $47.54 million U.S. That follows several previous sales since mid-September that have totaled $31.6 million U.S.
The heavy selling, coupled with a downturn in crypto prices as tensions in the Middle East escalate, has put downward pressure on the price of Ethereum.
In the last seven trading sessions, the price of Ethereum has declined 10% to $2,351.64 U.S. Cryptocurrencies trade around the clock, seven days a week.
On a positive note, some institutional investors have been buying the dip in Ethereum.
Market data shows that Ethereum spot exchange-traded funds (ETFs) saw an inflow of $14.45 million U.S. in recent days, with the BlackRock iShare Ethereum Trust (ETHA) fund buying $18.04 million U.S. worth of Ethereum on Oct. 2.
