Ethereum’s market momentum has been rattled by a series of high-profile sell-offs from some of its largest holders—popularly known as whales. According to reports from blockchain tracking platform SpotOnChain, one dormant whale has recently made a significant move, selling off 12,979 ETH for a staggering $34.3 million profit.
Early Adopters Still Hold Power
This particular Ethereum whale originally bought ETH back in 2016 when prices hovered at just $7 per token. After months of inactivity, the whale began selling ETH in May 2024, offloading a total of 15,879 ETH and making a handsome $43.5 million at an average price of $2,739 per token. The profits highlight the enormous financial leverage early adopters wield, even years after their initial investments.
Such whale movements serve as a reminder that the actions of early investors can still exert substantial influence on Ethereum’s price dynamics. The latest sell-offs have raised questions about whether whales are taking profits at strategic highs or anticipating a cooling-off period in the market.
Sell-Offs Intensify As ETH Hits $2,700
This whale isn’t the only one to shake Ethereum’s market. Other significant sell-offs have emerged as ETH approached $2,700, adding downward pressure on the asset’s price. A prominent whale recently sold 19,000 ETH on Coinbase for a whopping $49.17 million. Meanwhile, another whale offloaded 5,088 ETH on Binance, taking a $3.66 million loss, reflecting the mixed outcomes of whale trading strategies.
These sell-offs appear timed around Ethereum’s $2,700 level, which may suggest that whales are looking to cash out at perceived high points. Some are locking in profits, while others are limiting potential losses as ETH volatility spikes.
Market Sentiment – A Balancing Act
Ethereum’s price has experienced a 3.19% rise over the past week and a 6.31% increase over the last 30 days, fluctuating around $2,670 at the time of writing. However, the growing trend of whale sell-offs is beginning to weigh on Ethereum’s upward momentum. Despite favorable market conditions, the exit of large holders has introduced negative pressure, keeping bullish sentiment in check.
Interestingly, the market saw an initial surge in Ethereum’s price following the release of Binance CEO Changpeng Zhao from prison. However, the ongoing whale sell-offs appear to be stalling the rally, reinforcing the delicate balance between whale activity and market reactions.
The story doesn’t end with just profit-taking. As CNF reports, another whale transferred 15,000 ETH to Kraken, worth over $39.7 million, signaling that whales may be preparing for further strategic moves. This behavior could be interpreted as whales positioning themselves for either an impending price drop or upcoming trading opportunities, underscoring the unpredictable nature of the market.
Also Read: Ethereum Transaction Fees Hit $45M Weekly High – Is A $10,000 Price Surge Next?
The combination of profit-taking and strategic asset repositioning by Ethereum whales highlights the complex dynamics they bring to the market. While early adopters benefit from high returns, their activity continues to influence market sentiment, leaving investors closely monitoring their next moves.
Conclusion
The recent whale sell-offs underscore the enormous influence that large Ethereum holders still have on market dynamics. As Ethereum’s price hovers near $2,700, these strategic sell-offs introduce uncertainty into the market’s short-term outlook. Investors will need to carefully watch for further whale movements that could either trigger price declines or signal the next bullish phase. For now, Ethereum’s momentum hangs in the balance, as whales continue to dictate the flow.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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