On March 5, 2023, an unusual transaction was announced via the Lookonchain Twitter account. According to the tweet, Voyager continues to liquidate its assets by selling 1,449 Ethereum [ETH] via Wintermute for more than $2 million. Voyager received 2.25 million USDC in return.

With this significant purchase, Voyager now owns roughly 148,774 ETH, valued at $233.5 million, as well as over $57 million in Shiba Inu [SHIB] and 1.44 million Chainlink [LINK].

This incident occurred after the SEC protested the agreement between Binance and Voyager. The regulator was accused of effectively asking to “halt everyone in their tracks” without articulating how to resolve its issues, according to that regulator.

Despite the likelihood of a subsequent dump being introduced by the sell-off, those possibilities were slim. According to Glassnode’s statistics, on March 5th, there were 1,743,911 addresses holding more than 1 ETH, which was a one-month high.

As more investors trusted the coin, the rise in this statistic demonstrated that market confidence in ETH was strong.

According to Santiment, the total amount of ETH owned by the top addresses climbed last month. As buildup grew, the likelihood of a dump decreased. It was also fascinating to notice that over the past several weeks, top non-exchange address supply increased while top exchange address supply somewhat decreased.

Moreover, the exchange supply of Ethereum just hit a five-year low. Several additional measures improved for ETH as the much-anticipated Shanghai upgrade date drew near, raising hopes for a stable future. For instance, it appeared hopeful when the total value locked in the ETH 2.0 deposit contract just hit an all-time high of 16,694,295 ETH.Also, according to CryptoQuant’s statistics, the exchange reserve for ETH was declining, indicating a decrease in selling pressure.

Moreover, there were more active wallets overall for the king alt. Yet ETH’s taker buy-sell ratio started to turn negative. This was a bad indicator since it showed that the derivatives market was dominated by sellers.

Also, the graphic from Santiment suggested that ETH’s velocity remained strong, implying greater transfer of the asset between addresses. Its network expansion was able to increase over the past several weeks, which was encouraging. Nonetheless, ETH’s development effort has decreased recently despite the Shanghai upgrade expectation.