Ethereum bleeds 5% as dormant wallets offload millions

Ethereum (ETH) is riding on a long-term losing streak as investor sentiments remained uncertain in the presence of the aggressive global tariff war. The biggest altcoin dropped below the crucial $2,000 price level on March 28, 2025, and is still unable to recover since then. On-chain data reveals that crypto whales are offloading millions in Ether until the conditions resume normal.

The global digital assets market recorded marginal recovery over the past 24 hours. The cumulative market cap stood at $2.77 trillion, with a trading volume of $88.5 billion. The fear and greed index still reflects “Fear” among investors while Bitcoin price jumped by 2% over the last day.

Ethereum gets hit by whale dumping

As per the data shared by SpotOnChain, whales are waking up and Ethereum is hitting exchanges. It mentioned that an ICO era whale linked to the Ethereum Foundation sent around 1,001 ETH (approx. worth $1.58 million) to the Kraken crypto exchange. 

It added that the whale wallet reactivated on March 10 after 6 years and since then, it has offloaded around 12,890 ETH (approx. worth $21.5 million) to Cumberland and Kraken. The average offloading price turns out to be around $1,668 while the wallet received these ETH tokens at a price of $1.2. However, the whale wallet still holds around 28k Ethereum (approx. worth $44.1 million).

Whales are waking up. $ETH is hitting exchanges.

1️⃣ ICO whale 0xddb (linked to #EthereumFoundation) sent 1,001 $ETH ($1.58M) to Kraken ~3h ago.

Since reactivating on Mar 10 after 6 years, it has offloaded 12,891 $ETH ($21.5M) to #Cumberland & #Kraken—avg price: $1,668. Still… pic.twitter.com/G3Svhnr3TI

— Spot On Chain (@spotonchain) April 22, 2025

Paradigm has also managed to move 5,550 ETH (approx. worth $8.68 million) to Anchorage Digital as it might be prepping for Binance or Coinbase. This transaction has reportedly ended a 9 month pause of 96,955 ETH (approx. worth $302 million) being sent to the institutional brokerage platform. The average price of its dumping turns out to be around $3,109.

Whale sells $3.2M in ETH, then shorts it

LookOnchain reported that a whale wallet has sold 2,056 Ethereum (approx. worth 3.27 million) at an average price of $1,591. However, it also shorted ETH with 10x leverage on Hyperliquid. Ethereum price took a dip of around 5% in the last 24 hours before recovering a bit.

ETH price dropped from the $1,650 zone to trade around $1,557 in early Tuesday. Ether price is now down by 50% on a YTD basis. Ethereum is trading at an average price of $1,623 at press time. Its 24-hour trading volume spiked by 32% to stand at $15.6 billion.

CoinGlass data shows that approximately $70 million worth of long and short bets set on ETH price got liquidated in the last 24 hours. $51.13 million worth of liquidated positions (73%) turns out to be the long bets. This suggests that traders were hoping for an ETH recovery but whales offloaded amid the increased uncertainty.