A well-known institution today once again dumped 2,500 ETH at an average price of around $3,200, immediately realizing approximately $8.04 million. The money is not for other purposes, mainly to repay a short-term loan of about $10 million, which was collateralized with Ethereum.

This is not the first time they've taken such action. Since October last year, this institution has hardly been quiet, continuously selling Ethereum in batches. So far, they have sold a total of 13,475 ETH, worth at least $41.6 million.

When the market was already somewhat weak, these waves of selling pressure added fuel to the fire. They directly pushed the price of Ethereum firmly below $3,200. It seems that the subsequent market trend will still depend on how these major holders act.