Major Crypto Whale Continues to Offload Ethereum

In a new development that has raised concerns in the Ethereum (ETH) market, a major investor has offloaded another 5,000 ETH.

This whale, who originally acquired 1 million ETH during the Ethereum ICO at just $0.31 each, has been aggressively selling off their holdings. As a result, Ethereum’s price has dropped over 4% to around $2,500.

Recently, the whale transferred 5,000 ETH, worth about $13.2 million, to the OKX exchange. Over the past month, they have deposited a total of 48,500 ETH, valued at approximately $154 million, to the exchange. The scale and frequency of these transactions have raised alarms in the Ethereum community, as the whale’s sales have become increasingly substantial.

The whale’s remaining 951,500 ETH, valued at roughly $2.41 billion, poses a potential threat to price stability if more of it enters the market.

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Despite $105 million in recent inflows to Spot Ethereum ETFs, the market saw outflows in the following days, reflecting mixed sentiment. Additionally, large-scale liquidations of long positions worth $33.28 million and short positions of $11.88 million further indicate heightened market volatility.

Alexander Stefanov