Bitcoin and Ethereum have recently fallen below US$26,000 and US$1,600 respectively. The gains brought by BlackRock's application for a Bitcoin spot ETF have completely returned to zero. In addition, earlier the PEPE team changed the multi-signature wallet threshold and sold tokens. PEPE The decline has been nearly 20%.
BTC, ETH fall back to June levels
Although the top ten cryptocurrencies did not seem to fluctuate much, Bitcoin once fell below the $26,000 mark, and ETH also fell to $1,547 on the 23rd, both of which returned to early June levels.
This means that the crypto market’s upside dividend from BlackRock’s application for a Bitcoin spot ETF has completely fallen back to where it started.
Lookonchain, an on-chain analysis agency, pointed out that four large investors have accumulated $94 million worth of ETH in the past seven days.
In today's crypto market, the most volatile and most concerned one is the meme coin PEPE.
The PEPE team sells coins, and early large investors follow up and sell coins.
The crypto community @Crypto_Noddy pointed out in the early morning of August 25 that the PEPE multi-signature wallet lowered the execution threshold to 2/8 signatures and transferred 16 trillion PEPE to the exchange through several transactions.
On-chain detective ZachXBT listed specific numbers:
6.7 trillion PEPE (~$6.5 million) transferred to Binance
8.5 trillion PEPE (~$8.2 million) transferred to OKX
445.1 billion PEPE (approximately $434,000) transferred to Bybit
400 billion PEPE (approximately $389,000) transferred to other addresses
The unusual behavior of the PEPE official team caused some large PEPE investors to sell their tokens one after another.
Any reason why the PEPE multisig wallet changed the threshold to just 2/8 signatures? Seems weird, this isn't standard right?
Also, seems that some has been sent to exchanges pic.twitter.com/1DVZIOvef8
— CryptoNoddy (@Crypto_Noddy) August 24, 2023
Early PEPE holders took profits
On-chain analyst Yu Jin pointed out that an address that bought PEPE very early also immediately liquidated 1.88 trillion PEPE (about 1.67 million US dollars).
This address bought 2.43 trillion PEPE at 0.03 ETH (approximately US$60) on April 15, sold 554.7 billion PEPE (approximately US$670,000) in batches, and sold the last 1.88 trillion PEPE today.
Lookonchain, an on-chain analysis agency, also pointed out that another early adopter of PEPE also sold 932 billion PEPE for 524 ETH (approximately $870,000).
Lookonchain mentioned earlier that crypto market maker Wintermute also deposited 1.2 trillion PEPE to Binance.
Another early buyer of $PEPE also dumped 932B $PEPE for 524 $ETH($870K) after the Pepe team deposited 16T $PEPE to exchanges.https://t.co/EiUQUrHWqc pic.twitter.com/CHWL7NeA5w
— Lookonchain (@lookonchain) August 25, 2023
This article PEPE team dumped tens of millions of dollars in tokens, PEPE fell by nearly 20%; BTC and ETH fell back to June levels. First appeared in Chain News ABMedia.
