Ether.fi Price Slumps 3.47% Amid Token Unlock-Linked Sell Pressure

The price of Ether.fi (ETHFI) dropped by 3.47% over the past 10 hours due to a combination of factors, including sell pressure linked to token unlocks and profit taking after its strong performance in July.

A concrete catalyst for this decline was the transfer of vested ETHFI allocations to Coinbase Prime by Spartan Group, which is worth approximately $3.92 million. This move, made on August 4 around 7:44 am UTC, has been interpreted as potential unlock-driven liquidity moves in these tokens.

Over the same time period, ETHFI's price slipped from $0.4031 to $0.3932, a decline of about -2.46% over an 8-hour segment. This accounts for most of the observed 10-hour change.

The transfer represents roughly 4.9% of ETHFI's 24-hour volume, which stands at around $26.46 million. While it is not guaranteed that these tokens will be sold, this move has been enough to nudge the price lower due to relatively low liquidity in the market.