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The price of Ether.fi's ETHFI token experienced a significant decline after a major holder executed a large-scale sell-off of 3.6 million tokens worth approximately $1.5 million. This substantial transaction created intense selling pressure, pushing the token to test its key support level around $0.40. The sell-off occurred amid broader pressures on the Ethereum ecosystem, with 570,000 ETH being unstaked from the network, impacting liquidity. The price of the underlying Ethereum asset also dipped by 2.2%, adding to the strain on related assets like ETHFI. The concentrated disposal represents one of the largest single-entity sales since the token's launch, raising concerns about near-term price stability. The event highlights the vulnerability of altcoin prices to major actions by key stakeholders and to wider market conditions.
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