Ethereum (ETH) Price Tumbles to 3-Year Low as Vitalik Buterin Sells Another 190 ETH

According to Binance, the Bitcoin/Ether rate has now hit a 3-year low, reported at 0.03905, at press time. The last time the BTC/ETH rate sank to its lowest was on April, 10th, 2021 at 0.035576

Binance now reports that the Bitcoin/Ether rate has hit a 3-year low, sitting at 0.03905 at press time. The last time the BTC/ETH rate sank to its lowest was on April 10th, 2024 at 0.035576, which gradually picked up its pace with the support level rounding to 0.04.

Several factors could be at play here, with Ethereum losing value compared to Bitcoin. The market sentiment surrounding the entire crypto community has been bearish as of late. One of the many reasons is the looming rate cut on the way.

According to Polymarket votes, the odds of a 50 bps rate cut stand at 49%, while a 25 bps rate cut stands at slight favorite at 50%. However, Powell in late July had hinted at a rate cut likely on the table, though a number for the same was not shared. With hush-hush going about the finance markets of a likely 25 bps, the uncertainty has gripped the markets and taken a toll on altcoins. Bitcoin, on the other hand, has stood its ground due to the limelight it has been getting from institutional investors.

Another reason for Ethereum’s sinking value is related to its foundation. Ethereum Foundation’s main wallet only held $650 million worth of Ether on Sept 6th, 2024, which once held $1.3 billion of ETH in March 2022.

Additionally, Vitalik Buterin ‘donating’ Ether has also sparked major concerns across the market. Since August 30, the founder has sold a total of 950 ETH (over $2 million).