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Hashkey-Affiliated Wallet Sells Over $90 Million ETH In 10 Days – Report

A wallet linked to Hong Kong-based crypto exchange Hashkey has reportedly sold over $90 million worth of Ethereum in the past 10 days. This massive selling activity appears to have triggered a slight decline in the ETH market, sparking speculations on the token’s price trajectory.

Crypto Whale Conducts Massive Ethereum Sell-Off

According to a Sunday post on X  by blockchain analytics platform, Lookonchain, a crypto wallet with the address “0xD26e ” sold off 50,115 ETH, valued at $97.7 million, within a period of 10 days. Lookonchain notes that this wallet is related to Hashkey, having received a majority of the sold-off ETH from the Hong Kong-based exchange. 

At an average selling price of $2,047, wallet “0xD26e” conducted its ETH sell-off on the Binance and OKX exchanges, withdrawing $89.6 million USDT and $12.95 million USDC in return. 

As earlier stated, ETH dipped by over 4% in the last week, which is likely in response to such massive selling pressure. However, the second-largest cryptocurrency has now found some stability, gaining by 0.92% in the last day, as it attempts to breach the $2000 mark again.

What’s Next For ETH? 

Looking at ETH’s daily chart, it appears the selling spree by wallet “0xD26e” could be a precaution against an incoming significant decline in the token’s value.  After all, the Relative Strength Index indicates that ETH just left the overbought zone and could still experience more losses in the coming days. 

Albeit, this downward trend is likely to be short-lived, considering the high level of investor interest currently around the altcoin due to the brimming Ether spot ETF race in the United States.

On Friday, Fidelity Investments became the seventh and the latest asset management giant to join the brawl, having submitted its “Fidelity Ethereum Fund” proposal to the United States Securities and Exchange Commission (SEC).

In addition to the Massachusetts-based company, other asset managers looking to launch an Ether Spot ETF include prominent names like  BlackRock, Hasdhdex, Grayscale, VanEck, and 21Shares and Ark. 

It is expected that other asset managers will join the race over the next few weeks, which will lead to a rise in positive sentiments towards Ethereum. 

While approval by the SEC is still very subjective and uncertain, the mere influx of Ether Spot ETF applications signals an increasing interest in the altcoin from traditional finance investors, which in turn boosts investments in any cryptocurrency. 

For example, following reports of Blackrock’s filling on November 9, ETH gained by almost 13% to trade above the $2,130 mark in response to the buying pressure that followed.

At the time of writing,  ETH trades at $1,950, with a 0.34% gain in the last hour, according to data from CoinMarketCap. Meanwhile, the token’s trading volume is down by 32.64% and valued at $7. 32 billion.

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Hashkey Enables AVAX Trading For Hong Kong Users – But There’s A Catch

Hong Kong-based cryptocurrency exchange Hashkey will now support trading the Avalanche (AVAX) token on its platform. However, traders must meet an interesting requirement before interacting with this cryptocurrency on the exchange.

Traders Must Meet $1 Million Portfolio Requirement: SFC

On Wednesday, September 27, Hashkey announced the listing of the AVAX token on its platform, with trading expected to commence on Thursday, September 28. However, only professional investors or individuals with an investment portfolio worth at least 8 million Hong Kong dollars (equivalent to $1 million), according to Hong Kong’s Securities & Futures Commission (SFC).

Bitcoin (BTC), Ether (ETH), and Tether (USDT) are the only cryptocurrencies approved by the SFC for retail trading as of this writing. Meanwhile, other altcoins like AVAX are restricted to professional investors or individuals with a $1 million portfolio.

Since Hong Kong authorized retail crypto trading in August, the Securities & Futures Commission has placed significant restrictions on the operations of exchanges, including Hashkey. For instance, SFC requires users to deposit at least 10,000 Hong Kong dollars (or $1,500) during the Know Your Customer (KYC) verification process.

According to CoinGecko data, Hashkey, the first to receive a retail crypto license in Hong Kong, has a daily trading volume of roughly $4.93 million, which pales compared to its global counterparts. For context, Binance, the world’s largest crypto exchange, boasts a 24-hour trading volume of nearly $4.9 billion.

AVAX Price Continues Decline In September

Although the listing of AVAX on the Hashkey exchange poses a potential opportunity for increased adoption, it is worth noting that the cryptocurrency’s price has been struggling in recent months. And September wasn’t different for AVAX, as the token lost nearly 14% of its value in the past 30 days.

This continuous decline underscores Avalanche’s overall performance in 2023, which reflects the uncertain condition of the general market. The cryptocurrency has been on an estimated 58% plunge since notching a high of $21 in April.

According to data from CoinGecko, the Avalanche token changed hands for $8.91, with a 0.31% dip in the last 24 hours. As of this writing, the cryptocurrency has a daily trading volume of $117,251,082, reflecting an 18.4% rise in the past day. Avalanche ranks as the 24th-largest cryptocurrency, with a market cap of over $3.1 billion.

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