Ethereum Whale Sells 5,000 ETH Worth $12.22M, Signaling Continued Liquidation Strategy

An Ethereum whale who originally received 150,000 ETH during the ICO continues to offload large holdings, with 5,000 ETH ($12.22 million) recently sold. This follows a pattern of gradual liquidation, totaling 60,000 ETH sold in the last few months.

An Ethereum whale, who acquired 150,000 ETH during the Initial Coin Offering (ICO), has made headlines again for offloading another large portion of their holdings. Crypto analyst EmberCN reported on X (formerly Twitter) that the whale recently moved 5,000 ETH, valued at $12.22 million, to the Kraken exchange. This follows last week’s sale of 45,000 ETH, worth $113.2 million at an average price of $2,516 per ETH.

Whale’s Gradual Liquidation Strategy

The whale has consistently employed a calculated strategy, gradually liquidating portions of their Ethereum holdings. So far, the whale has sold 60,000 ETH out of the initial 150,000 ETH, earning nearly $149.68 million. Despite these significant sell-offs, the whale still holds approximately 94,540 ETH, valued at around $230.3 million.

According to EmberCN’s analysis, the whale’s sales pattern suggests a strategic exit from the Ethereum market at various price levels, signaling caution among investors as Ethereum’s market price fluctuates.

Historical Whale Transactions

This isn’t the whale’s first time making substantial transactions. In July 2019, the whale sold 5,000 ETH when the price was $218, earning $1.09 million. Another notable transaction occurred in June 2024, when 10,000 ETH was sold at $3,539 per token, bringing in $35.39 million.

The most recent major sale occurred between September and October 2024, where 45,000 ETH was sold for $113.2 million at an average price of $2,516 per ETH. These transactions illustrate the whale’s approach of selling large amounts of Ethereum during opportune moments.

Remaining Holdings and Staking Rewards

The whale still holds 94,540 ETH and has accumulated an additional 4,540 ETH through staking on platforms such as Lido and Rocket Pool. This staking strategy highlights the whale’s intent to maximize returns on their remaining holdings while continuing to sell off portions strategically.

Ethereum Price Analysis

Currently, Ethereum (ETH/USD) is trading at $2,438.16, experiencing a 0.68% rise for the day. The price has been consolidating between $2,400 and $2,500 following a downtrend since late July. Technical indicators, including the MACD and RSI, suggest that the market is in a neutral state. The RSI stands at 45.86, indicating neither overbought nor oversold conditions, while the MACD shows a declining bearish momentum.

Resistance for Ethereum currently lies around $2,500, with support at $2,400. Should Ethereum break above the resistance level, it could signal the end of the bearish trend and a potential rebound in price.

Conclusion

The whale’s continuous Ethereum sales have captured the attention of the crypto community, with some viewing it as a strategic exit from the market. However, the remaining ETH holdings and staking rewards indicate that the whale is not completely out of the game yet. Market watchers will be keeping a close eye on Ethereum’s price movements as the whale’s sell-offs continue.

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