Ethereum Whales Sell 44,283 ETH Worth $115 Million

Key Insights

• Ethereum whales dump 44,283 ETH worth $115 million

• Whales are selling after market retrace to $2.5k

Ethereum whales are back in action, and are aggressively selling . Over $115 million worth of ETH has been deposited to major exchanges in just the past 24 hours. These whales are selling as ETH prices have retraced from $1.6k to $1.4k.

Ethereum Whales Sell 44,283 ETH worth $115 million

According to Onchain tracker OnChainLens, Ethereum whales are aggressively taking profit. A smart ETH whale has deposited 1,610 ETH about $4.21 million into HTX formerly Huobi. On-chain data shows they made a $2.64 million profit from the move as they aquired tokens when ETH was significantly cheaper. This could be a sign of strategic profit-taking amid current market volatility.

Read Also: Ethereum ICO participant sells 21,700 ETH

Another whale that has made a significant sell over the last day is a dormant ICO Whale that has deposited $7.32 Million worth ETH to Kraken. According to OnChainLens, a wallet from Ethereum’s 2015 ICO era has resurfaced. This long-term holder, who originally received 100,000 ETH for just $31,000, has sent 2,839 ETH worth $7.32 million to Kraken.

The third whale is Galaxy Digital that has deposited 39,834 ETH worth $103.6 million to Coinbase. The deposit into exchange means Galaxy digital is selling to lock in profits especially after recent rally. In most cases, it reflects strong bearish sentiment as they fear another dip below $2k as recently witnessed.

What This Means for Traders

Mostly, large exchange inflows are interpreted as bearish signal. Usually, big inflows to exchanges can sometimes trigger sell-offs resulting to high price pressure. Therefore, more ETH on exchanges could increase sell-side liquidity. If more whales follow, short-term dips may occur. A dip from the current market prices could see Ethereum prices to $2.3k.