Giant Ethereum Whale Maintains Selloff Trends Leveraging ETH Price Surge

A giant Ethereum Whale, which accumulated 96,639 Ether during the 2022 crypto winter, has sold a significant portion of its holdings. Since March this year, the whale has sold off more than 55,000 ETH, leveraging every ETH price surge, accumulating millions of dollars in gains.

However, it still holds 41,639 ETH worth approximately $107 million, 86% higher than the buying price.

Giant ETH Whale Maintains Selling Spree

After amassing chunks of Ether in September 2022, the large Ethereum whale has engaged in profit-booking sales with every ETH price increase since March.

On-chain data from SpotonChain revealed that the giant ETH whale moved 25,000 worth about $74 million to Kraken via two transactions in July.

This giant whale keeps depositing $ETH to CEX ahead of steep price drops!

In the past month, the whale moved 25K $ETH ($73.9M) to #Kraken on 2 occasions, both times before a significant price drop:

15K $ETH ($39.7M) at $2,645 11 hours ago, before a 2.5% drop.
10K $ETH... https://t.co/jYDC4wxKWB pic.twitter.com/sAAL2SRjUj

- Spot On Chain (@spotonchain) August 21, 2024

On July 25, it moved another 10,000 ETH coins, amounting to $34.7 million, at an average price of $3,420. The selloff came just before ETH's price plummeted by 7.6%.

For the latest transaction, the whale sold 15,000 ETH worth 39.7 million over 12 hours ago at an average price of $2,645. Shortly after this sale, Ethereum's price declined 2.5% to $2,591.

The whale leverages every ETH price surge to sell off these large amounts of Ethereum, amassing millions of dollars in profits. According to Spotonchain, the investor has transferred most of their Ethereum holdings to centralized exchanges before significant price drops.

The whale's continuous ETH movements to CEXs came after Ethereum co-founder Vitalik Buterin transferred 400 ETH tokens to crypto mixer Railgun.

SpotonChain data pointed out that this whale purchased about 96,639 ETH from Coinbase in September 2022 during the crypto winter. It held the coins until the bull market in March 2024, before its selling spree began.

Since March, the whale has sold 55,000 ETH worth more than $176 million. Currently, it holds about 41,639 ETH tokens, amounting to $107 million.Also, the whale's estimated profit is $131 million, representing an 86% rise from its purchasing value.

Ethereum Records High Volatility Amid Growing Selloff Pressure

Ethereum continues to struggle with bearish pressure, with constant rejections at the $2,600 threshold. According to data from CoinMarketCap, ETH currently trades just above $2,500, with a seven-day price decline of 5.66% and a 26% drop over the past 30 days.

The prominent crypto trader and analyst Peter Brandt took to X to project Ethereum's price trend. He pointed out that ETH will maintain a defensive stance until it exceeds the $3,050 critical mark.

Charts of continuing interest are Bitcoin and Ether.
Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC
No declaration of next trend yet $BTC$ETH will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC

- Peter Brandt (@PeterLBrandt) August 20, 2024

Meanwhile, the US spot ETH ETFs have witnessed outflows for the fourth consecutive trading day. According to data from Farside Investors, the funds saw a net outflow of $6.5 million on August 20. ETH trades at around $2,584, and its market cap is$310.89 billion.

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