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