Ethereum (ETH) and the rest of the altcoin market seem to be at the mercy of the crypto lender, Voyager, given that the lender currently holds large amounts of tokens that are ready to be sold. A report recently released by Arkham Intel (NASDAQ:INTC) noted that the defunct crypto lender has been on a selling spree over the last six weeks.
Among Voyager’s wallets are $151 million worth of ETH and $50 million worth of Shiba Inu (SHIB). Both of these token holdings will likely be sold in the coming days, considering the lender’s 6-week history.
According to the report, Voyager sold $100 million worth of ETH this month, $25 million worth of SHIB and $11 million worth of the platform’s native token, VGX.
Voyager currently holds $750 million worth of assets, and USD Coin (USDC) makes up $488 million of the lender’s holdings. The rest of Voyager’s holdings are broken down as follows; $151.22 million worth of ETH, $49.53 million in VGX, and $41.4 million in SHIB. All of these holdings are at risk of being sold off.
The bankrupt lender seems to have begun its selling activity well in advance of the US Bankruptcy Judge Michael Wiles approving Binance’s $1.3 billion bid to purchase Voyager. This restructuring deal with Binance will allow Voyager customers to withdraw their funds using the Binance US exchange.
At press time, ETH is down 8.28% and is trading at $1,405.69, according to CoinMarketCap. Meanwhile, SHIB’s price stands at $0.000009996 following an 8.71% drop during the same 24-hour period. The lender’s native token, VGX, plummeted 26.87% over the last 24 hours and now trades at $0.3427.
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Source: Cryptocurrency - investing.com
