Crypto Whale Offloads $24 Million in Ethereum in Recent Sell-Off

An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.

The whale’s actions have been notable, with 10,595 ETH, valued around $24.7 million, sold in a short span. Sales were made at an average price of $2,302 for 2,364 ETH on September 15 and 16, with the rest sold over the following 48 hours.

The whale has been liquidating ETH at a rapid pace, averaging about 87.56 ETH per few minutes.

Despite this, the whale still holds 6,042 ETH, worth approximately $14.7 million, which is 36.3% of the initial amount. The total estimated profit from these holdings stands at around $39.34 million.

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Recent data shows a surge in ETH deposits to exchanges, with over 547,600 ETH deposited, totaling $1.26 billion.

Over 547,600 $ETH have been sent to #crypto exchanges in the last three weeks, worth over $1.26 billion! pic.twitter.com/mTQeXdnTtr

— Ali (@ali_charts) September 18, 2024

An ICO participant also recently moved 10,000 ETH (about $24.37 million) to Kraken after a two-year hold. This individual initially acquired 50,000 ETH at an ICO price, now worth about $121.85 million.

Ethereum’s price has dropped over 30% in the past two months but has seen a minor rebound. Currently, ETH trades at approximately $2,425. Additionally, Ethereum spot ETFs saw a net outflow of $9.738 million yesterday, continuing a three-day trend.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.