Ethereum Whale Sells Big During Price Surge

Whale Takes Advantage of ETH Price Surge

An Ethereum whale capitalized on the recent surge in ETH prices by executing significant sales. With ETH prices climbing above $2,600, this whale made substantial moves to secure profits. Just a few hours ago, a long-term Ethereum investor sold 15,000 ETH, realizing a profit of $40 million.

Ethereum Commentary

According to data from the blockchain tracking platform SpotonChain, this whale drew attention by transferring their ETH to exchanges prior to major price drops. This activity followed Ethereum co-founder Vitalik Buterin sending 400 ETH to the crypto mixer Railgun.

Recent data reveals the following transactions by the whale:

• 25,000 ETH worth $74 million was sent to the crypto exchange Kraken in two separate transactions over the past month.
• In the last 12 hours, 15,000 ETH worth $39.7 million, with an average value of $2,645, was moved. Following this, Ethereum’s price dropped by 2.5%. As of today, ETH continues to find buyers at the $2,600 level with a market cap of $313 billion.
• On July 25th of the previous month, the same whale transferred 10,000 ETH worth $34.7 million at an average value of $3,420, leading to a 7.6% drop in ETH’s price.

Despite these large sales, the Ethereum whale still holds 41,639 ETH worth over $108 million, which is 86% higher than the purchase price.

On-Chain Data Insights

On-chain data shows that this whale address purchased 96,639 ETH from the crypto exchange Coinbase during the crypto winter of September 2022 and held it until March 2024. In March 2024, they sold 55,000 ETH worth $176 million at an average price of $3,199.

Analyst’s ETH Commentary

Ethereum’s price continues to face selling pressure due to death cross formations on technical charts and its struggle to break the $2,600 region permanently. Renowned market investor Peter Brandt has stated that ETH will continue to face uncertainties unless it surpasses the $3,050 level.

Conversely, Ethereum gas fees have dropped to a five-year low, leading to fewer ETH coins being burned and consequently increasing ETH supply, which negatively impacts price movements.