The Ethereum whale sell-off has intensified, with market data revealing a massive offload of 10,070 ETH in the past 24 hours. The Ethereum whale sell-off has raised concerns about market stability as prices continue to decline.
According to Lookonchain, a leading blockchain analytics platform, three wallets—likely controlled by a single whale—executed the sale of 10,070 ETH for 33 million DAI.
This significant liquidation occurred when Ethereum was priced at $3,280, with the whale absorbing a staggering $1 million loss in the transaction.
Repeated Ethereum Whale Sell-Off Activity Raises Red Flags
Interestingly, this Ethereum whale sell-off isn’t an isolated incident. The same whale had previously withdrawn 24,029 ETH (worth $81.3 million) from Binance approximately three weeks ago. Despite the latest sale, the entity still holds 13,959 ETH, valued at around $45.48 million.
The Ethereum whale sell-off trend has sparked speculation within the crypto community, with some experts questioning whether this marks the beginning of broader whale capitulation.
Alex Thorn, Head of Research at Galaxy Digital, commented:
“A significant whale offloading such a large amount of ETH could signal market caution, especially when coupled with declining prices. However, long-term fundamentals for Ethereum remain strong.”
Ethereum Foundation Also Engages in Sell-Off. Compounding market uncertainty, the Ethereum Foundation has also been actively selling ETH recently.
The combination of Ethereum whale sell-offs and institutional liquidations has amplified market volatility, fueling concerns about ETH’s near-term stability.
However, experts suggest that these sell-offs might be strategic rather than panic-driven. Mati Greenspan, CEO of Quantum Economics, remarked:
“Large-scale Ethereum sell-offs often coincide with profit-taking or strategic rebalancing rather than a loss of confidence in the asset itself.”
Ethereum Price Slumps to Seven-Day Low
The Ethereum whale sell-off coincides with ETH’s continued price slump. At the time of writing, Ethereum is trading at $3,177.05, reflecting a 2.66% decline over the past 24 hours.
This marks the lowest price level in the past seven days, aligning with the broader market correction witnessed across major digital assets. The ongoing Ethereum whale sell-off has only added to the bearish sentiment, with market participants closely monitoring whether further liquidations will occur.
Long-Term Holders Remain Unshaken Despite Sell-Off. Despite the recent Ethereum whale sell-off, on-chain data suggests that a majority of ETH holders remain committed for the long term.
Analytics firm Glassnode reported that 60% of Ethereum supply hasn’t moved in over a year, signaling continued confidence among long-term holders.
Moreover, Ethereum’s network development continues to progress with significant protocol upgrades on the horizon. The Pectra upgrade, focused on enhancing Ethereum’s security and scalability, and Fusaka, aimed at improving the staking process, remain highly anticipated.
Ethereum’s co-founder Vitalik Buterin remains optimistic about the project’s long-term prospects, despite the current Ethereum whale sell-off.
Buterin has frequently emphasized Ethereum’s evolving use cases, including decentralized finance (DeFi), non-fungible tokens (NFTs), and integration with AI technologies.
In a recent interview, Buterin stated:
“Ethereum’s core mission is to expand beyond finance and become the backbone of decentralized technologies worldwide. Short-term market fluctuations don’t affect our long-term vision.”
What’s Driving the Ethereum Whale Sell-Off?
Several factors could be influencing the current Ethereum whale sell-off:
Profit-Taking: Whales may be cashing out following significant price appreciation earlier this year.
Market Uncertainty: Broader macroeconomic concerns, including interest rate hikes and regulatory developments, could be driving cautious behavior.
Institutional Rebalancing: Large holders may be shifting portfolios amid market corrections.
However, many market analysts argue that the Ethereum whale sell-off should not be viewed as a signal of weakness in the project itself.
Raoul Pal, CEO of Real Vision, noted:
“Ethereum’s long-term fundamentals remain intact. The recent sell-off could be more about individual strategies than a reflection on the asset’s viability.”
Could the Ethereum Whale Sell-Off Trigger a Price Rebound? While the Ethereum whale sell-off has undeniably contributed to recent price pressure, it could also set the stage for a rebound.
Historical data shows that large-scale liquidations often lead to short-term dips, followed by price recoveries driven by buy-side pressure.
Additionally, the Ethereum community remains committed to long-term growth, with major protocol upgrades and increased institutional adoption on the horizon.
Key Takeaways from the Ethereum Whale Sell-Off
10,070 ETH sold for $33 million in DAI in the past 24 hours.
The Ethereum whale sell-off coincides with a $1 million loss.
ETH price dropped to $3,177.05, the lowest in seven days.
Long-term holders remain committed despite market volatility.
The Ethereum whale sell-off may have raised concerns among short-term traders, but long-term holders and market experts continue to express confidence in the asset’s fundamentals. With major upgrades like Pectra and Fusaka in the pipeline, Ethereum remains well-positioned for future growth.
As the market navigates through this phase, the Ethereum whale sell-off serves as a reminder of the volatility inherent in crypto markets—while also presenting potential buying opportunities for savvy investors.
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