Ethereum Whales Panic Sell $148 Million Worth of ETH- Inflow Exceeds 2.07 Million ETH

Key Highlights

• Ethereum whales offload $148 million worth of ETH with inflow exceeding 1.07 million ETH.

• Institutions including Sharplink and Bitmine to accumulate buying $223 million worth of ETH.

Over the past 3 days, Ethereum has experienced strong downward pressure declining from $4.5k to $4.1k. Over the last week, Ethereum is down 7.21% while its 3.8% down over the past 24 hours. 

With this strong downward momentum, investors especially whales have started to panic and are aggressively selling. 

Ethereum whales Sell $148 million worth of ETH

According to Lookonchain, whales are panic-selling ETH as the market plunged. Three large entities have offloaded significant amount of ETH extending this selling activities that started 2 days ago. 

Source: Lookonchain

One whale sold 17,972 ETH tokens worth $77.4 million through Coinbase. Another whale sold 13,521 ETH tokens worth $57.72 million through Binance. The last whale sold 3,003 ETH tokens worth $12.89 million through Binance. In total these whales offloaded $148.01 million worth of tokens within one hour. 

Source: Cryptoquant

Besides these three whales, Ethereum Exchange Inflow over the past 2 days has exceeded 2.7 million ETH. With Ethereum inflow surging to such levels , it indicates that most holders both whales and also retail traders are selling. 

Institutions continue to accumulate ETH despite the price dip

Despite whale panic selling amid price drop, others are taking the opportunity to buy the dip. Institutions are mostly buying Ethereum. Firstly, Bitmine has continued its ETH accumulation spree having bought another 52,475 ETH tokens worth $220 million and currently holds 1,575,848 ETH worth $6.6 billion. Now Bitmine is the largest Ethereum treasury as reported by EMCryptohub.

Secondly, Sharplink has also continued the accumulation of ETH by buying 143,593 ETH tokens worth $667 million. Currently, Sharplink holds 740,760 ETH tokens worth $3.19 billion.

Finally, other two institutions linked wallet acquired 9,044 ETH tokens worth $38 million. This shows that Ethereum is at crossroads with conflicting sentimet between whales and institutions. While whales are selling, institutios are bullish and are now buying the dip. If institutions continue buying it will play a major role in the altcoin's next price charts.

Is this a start of a sharp downtrend

Currently , Ethereum is facing massive selling pressure from retail and whale investors. With over 2 million ETH tokens offloaded over the past 2 days, ETH risks sharp drop on its price charts.

Source: Lookonchain

However, institutions are on the other hand holding the market strong as they continue to accumulate. The two conflicting forces leaves the market at an equlilibrium state which could affect the next price move.

If institutions continue accumulating, they will absorb the rising sell pressure and positively impact prices. In circumstances where institutions absorb more, ETH will recover on its price charts and see a jump to $4.5k. However, if selling pressure from retail and whales rises even more, we could see ETH drop to $3.8k.