An ancient Ether whale recently became active and went on a spelling spree. Most of the address’ ETH sell-off came in when ETH was dealing with heavy selling pressure. The whale address has sold more than $24 million worth of ETH over the past 3 days.
The second-most dominant cryptocurrency has made a rebound as its price recovered through a 6% jump in price over the last 24 hours. However, ETH is still down by 8% over the past 30 days as the recently launched Ether-linked exchange-traded funds (ETFs) continue to bleed.
Ancient whale dumps 10.5k Ether
According to the data shared by Spot on Chain, the ancient whale account has dumped a sizable allocation of 10,595 ETH (worth approximately $24.7 million) on the market over the past day. These back-to-back sales did not seem to consider market conditions.
The whale sold 2,364 ETH (worth approximately $5.44 million) on September 15, 16 at an average price of $2,302. The rest of the lot was moved for disposal over the last 48 hours. This whale has been selling for 87.56 Ether every few minutes.
The same address is still holding 6,042 Ether (worth approximately $14.7 million) which is 36.3% of the original amount it held before the sell-off started. The estimated profit from cumulative holdings turns out to be 451x (worth approximately $39.34 million).
Ethereum faces more pressure
Crypto analyst Ali reported that more than 547,600 ETH have been deposited to crypto exchanges in the last three weeks. The cumulative amount of these Ether stands at $1.26 billion.
Over 547,600 $ETH have been sent to #crypto exchanges in the last three weeks, worth over $1.26 billion! pic.twitter.com/mTQeXdnTtr
— Ali (@ali_charts) September 18, 2024
Lookonchain shared that an Ether ICO participant has also deposited 10,000 ETH (worth approximately $24.37 million) into the crypto exchange Kraken. This depositor came out of a two-year dormancy. Meanwhile, the whale wallet had received around 50,000 Ethereum at an ICO cost of $15.5K which is now worth approximately $121.85 million.
The biggest altcoin is already dealing with selling pressure and its price performance clearly reflects it. ETH price dropped by over 30% in the last 60 days but it recorded a slight recovery over the past days. ETH is trading at an average price of $2,425 as of press time.
Ethereum spot ETFs recorded a total net outflow of $9.738 million yesterday, marking day three of their outflow streak.
