Event Recap: FG Nexus's Full ETH Liquidation
On-chain monitoring platform Lookonchain reported on July 1, 2026, that Ethereum treasury management firm FG Nexus has completely exited its ETH position. The final transaction was a deposit of 9,481 ETH (worth approximately $14.89 million) to trading firm Galaxy Digital. FG Nexus initially accumulated 50,770 ETH at an average price of $3,860 between August and September 2025, investing a total of $196 million. However, starting in November 2025, the firm began aggressively selling, ultimately disposing of 51,145 ETH (an amount slightly exceeding its original purchase due to yield or staking activity) for only $109.4 million, at an average sale price of $2,138. The total loss amounts to $86.6 million, representing a 44.2% drawdown.
Loss Analysis and Market Impact
FG Nexus's massive loss underscores the severe decline in ETH prices since the second half of 2025. The company's purchases occurred near the top of ETH's range ($3,860), while its sales were concentrated during the downward trend (average $2,138). Over this period, ETH fell from nearly $4,000 to the $2,000 territory, a drop exceeding 45%. Although FG Nexus's decision to liquidate may have been driven by liquidity needs or strategic pivot, the magnitude of this institutional sell-off has dampened market sentiment. Shortly after the news broke, ETH price edged lower as traders reacted to the visible supply overhang. While the execution is largely complete and its direct pressure on ETH may be limited, the market will be watching closely for potential copycat behavior from other large holders or treasury funds.