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- ETH whales are intensifying sell-offs, creating downward pressure on the market despite recent gains.
- A diamond-handed whale transferred 15,000 ETH to Kraken, signaling strategic moves amid market volatility.
Based on reports from a SpotOnChain, an old Ethereum whale—who had been dormant for months—has moved significantly, dumping 12,979 ETH, generating an amazing $34.3 million profit.
Originally bought Ethereum back in 2016 when the price was just $7 per ETH, this specific whale had Beginning May, this whale has been progressively selling 15,879 ETH, pocketing an overall profit of $43.5 million at an average price of $2,739 per token.
These acts illustrate the possible power early adopters still have on Ethereum’s price dynamics, therefore having a significant impact on the market.
After 4 months of silence, an ancient #Ethereum whale with a $58.8M profit cashed in another 12,979 $ETH for $34.3M this week, as $ETH rebounded ~6%!
Originally withdrawing 21,632 $ETH from #ShapeShift and #Poloniex in 2016 at $7.074/ETH, the whale has sold 15,879 $ETH since… pic.twitter.com/JrtBinVnj6
— Spot On Chain (@spotonchain) September 28, 2024
After 4 months of silence, an ancient #Ethereum whale with a $58.8M profit cashed in another 12,979 $ETH for $34.3M this week, as $ETH rebounded ~6%!
Originally withdrawing 21,632 $ETH from #ShapeShift and #Poloniex in 2016 at $7.074/ETH, the whale has sold 15,879 $ETH since… pic.twitter.com/JrtBinVnj6
— Spot On Chain (@spotonchain) September 28, 2024
Whale Sell-Offs Intensify Amid ETH Shifting Momentum
Apart from the activity of this whale, Ethereum has seen a selling-off from other significant holdings. One of the more well-known incidents concerned a whale sold on Coinbase 19,000 ETH valued at $49.17 million. Selling 5,088 ETH, another whale lost a lot of money on Binance—$3.66 million.
These large sell-offs seem to have sharpened exactly when Ethereum reached the $2,700 level, implying that whales might be cashing out at supposed high points to guarantee profits or limit losses.
Even with favorable market momentum, this trend of rising sell-offs by whales has caused growing negative pressure on Ethereum’s price. After the early release of Binance CEO Changpeng Zhao from prison, a recent surge occurred that first resulted in an increase in Ethereum’s price.
But these whales’ continuous actions seem to be slowing down the increasing momentum, underscoring the careful equilibrium between whale activity and market responses.
Previously, as CNF reports, a diamond-handed whale gave 15,000 ETH to Kraken, for over $39.7 million. This important action suggests that certain whales are not only selling off but also making strategic moves, which might have several effects, from expectation of price reductions to positioning themselves for next trading prospects.
Ethereum’s price swings around $2,670.00 at the time of writing, showing a 3.19% rise over the past seven days and a 6.31% increase over the past 30 days.
