Ethereum Whale Exits with $2M Loss Despite Market Surge

A large Ethereum holder has liquidated over 10,000 ETH in a move that puzzled on-chain analysts, locking in a $2 million loss even as Ethereum continues to post impressive monthly gains.

According to blockchain tracking data from Lookonchain, the whale offloaded 10,543 ETH worth around $26.1 million between May 16 and 17. The coins were sold at an average price of $2,476—below recent price levels—suggesting the trader exited at a disadvantage compared to where Ethereum had been trading.

The liquidation was executed using decentralized platforms, with the seller employing the 1inch aggregator to convert wrapped Ethereum (WETH) into stablecoins such as USDC and USDT. A series of large swaps, mostly processed within a single hour, marked the rapid exit.

This selloff took place as the broader crypto market experienced a minor cooldown, and although Ethereum held relatively steady above $2,500, the whale opted not to ride out the dip.

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Interestingly, while this trader chose to exit, other major wallet addresses were seen accumulating ETH. On the same day, a separate whale withdrew more than 6,000 ETH—valued at approximately $15.6 million—from the OKX exchange, possibly hinting at profit-taking or long-term holding intentions following Ethereum’s recent price surge.

Despite short-term volatility, Ethereum remains one of the strongest performers of the season. Over the last month, ETH has climbed roughly 61%, holding firm above $2,500. It’s also maintaining bullish momentum on both the daily and weekly charts, with modest gains continuing in recent sessions.

Technically, Ethereum is trading above its 50-day and 200-day simple moving averages—signals often interpreted as bullish. Still, market watchers are paying close attention to the 14-day Relative Strength Index (RSI), which currently reads 66.51, approaching overbought territory.

Veteran traders like Peter Brandt have weighed in, suggesting Ethereum’s recent chart formations could pave the way for a major upward breakout. While one whale may have exited early, broader sentiment suggests that the road to higher highs may still lie ahead for ETH.

Alexander Stefanov