Ethereum Under Pressure as VC Firms Dump $40M in ETH Amid Price Decline

Ethereum (ETH) is facing significant selling pressure after three major venture capital firms moved over $40 million worth of ETH to exchanges within a 24-hour period. The sell-off comes as ETH’s price breaks below a key support level, raising concerns about further downside.

Ethereum Faces $40m VC Dump as Price Slides

Ethereum is under pressure as three major investment firms, Polychain Capital, Galaxy Digital, and B2C2, moved over $40 million worth of ETH to exchanges within 24 hours. According to on-chain analyst The Data Nerd, Polychain Capital deposited 5,700 ETH (~$9.2 million), Galaxy Digital sent 12,500 ETH (~$20.3 million), and B2C2 added 6,540 ETH (~$10.7 million). This significant movement of ETH to exchanges occurred as the price of ETH broke below the $1,600 mark, a key support level.

Ethereum Faces Whale Exodus, Price Struggles Around $1,700

Ethereum’s price is battling to stay afloat around the $1,700 mark, a vital psychological barrier. Cryptocurrency whales have significantly impacted the market by selling 1.19 million ETH, valued at over $1.8 billion, signaling waning confidence. The volatility highlights Ethereum’s current vulnerability, with the market responding to whale sell-offs. Ethereum is currently trading precariously around $1,580, with key support at $1,533. A breach could see prices drop to $1,429, while a breakout above $1,625 could reignite bullish momentum, potentially leading to price recovery to $1,700 and higher. Market confidence remains fragile and essential, emphasizing trust and momentum in the economic ecosystem.

FFGI Announces FFG Token: A New Chapter in Blockchain-Based Film Finance

Film Finance Group International (FFGI), a North Carolina-based film finance innovator, has officially unveiled its upcoming ERC-20 utility token: FFG Token (FFG). This asset-backed token aims to power a transparent, milestone-based film funding ecosystem, bridging real-world production workflows with secure, blockchain-based infrastructure. FFG Token is set to launch in the coming weeks with a capped supply and integrated governance mechanics allowing token holders to vote on curated film projects. Backed by real-world film budgets and anchored by a proprietary on-chain accounting system, FFG Token represents a new approach to financing indie cinema, aiming to replace vague promises with verifiable payouts and investor control.

Nvidia To Manufacture AI Supercomputers in U.S., New Opportunities for Crypto Miners

In this week’s issue of The Protocol, Nvidia announces moving AI supercomputer production to the U.S., potentially opening new avenues for crypto miners. Additionally, Ethereum developers push for encrypted mempool and default privacy, MIT-incubated Optimum raises $11M to build Web3’s missing memory layer, and Noble introduces a new ’AppLayer’ for stablecoin tools on Celestia.

U.S. and Canadian Authorities Disrupt $4.3m Crypto Phishing Scam

The U.S. Secret Service, in collaboration with Canadian authorities, conducted a cross-border operation dubbed “Operation Avalanche” to crack down on a sophisticated crypto scam. The scam drained $4.3 million from victims’ Ethereum wallets using a tactic known as “approval phishing.” Once victims unknowingly authorize fraudsters to access their crypto wallets, scammers can withdraw Ethereum (ETH) directly without further interaction. The scam is often linked to “pig butchering,” a social engineering scheme where victims are manipulated into investing in fake crypto projects. Regulators, law enforcement, and crypto platforms worked together to identify compromised wallets and warn potential victims.