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A prominent Ethereum whale has been actively cashing out profits during recent price rises, contributing to downward pressure on ETH as it struggles to maintain levels above $2,600. Since March, this whale has sold over 55,000 ETH, which were originally accumulated during the 2022 crypto winter.
Ethereum Whale Capitalizes on Price Gains
According to blockchain analytics platform SpotonChain, the Ethereum whale has been strategically offloading its holdings to centralized exchanges just before significant price declines. Most recently, the whale sold 15,000 ETH, netting a profit of approximately $40 million as ETH briefly surged above $2,600.
This activity follows a pattern of timely profit-taking. Over the past month, the whale transferred a total of 25,000 ETH, worth $74 million, to the Kraken exchange in two separate transactions. In the latest move, within the last 12 hours, the whale sold 15,000 ETH at an average price of $2,645, resulting in a 2.5% drop in Ethereum's price, which is currently trading at around $2,591 with a market cap of $311 billion.
Consistent Profit-Taking Despite Market Fluctuations
This isn’t the first instance of significant sell-offs by this whale. On July 25, the same whale offloaded 10,000 ETH, valued at $34.7 million, at an average price of $3,420, which led to a subsequent 7.6% price drop. Despite these sales, the whale still holds 41,639 ETH, currently valued at $107 million, with an estimated profit of $131 million—an 86% increase from the original buying price.
On-chain data reveals that the whale had originally purchased 96,639 ETH from Coinbase during the crypto winter of September 2022 and held onto the assets until March 2024. Following the bullish market earlier this year, the whale sold 55,000 ETH for $176 million at an average price of $3,199.
Ethereum Faces Persistent Selling Pressure
Ethereum continues to face significant selling pressure, exacerbated by the formation of death cross patterns on the technical charts and repeated rejections at the $2,600 level. Renowned trader Peter Brandt has noted that ETH is likely to remain under pressure unless it can decisively break through the $3,050 resistance level.
In addition to the selling pressure from whales, Ethereum's gas fees have dropped to a five-year low, leading to reduced ETH burn rates and an increase in supply, which is negative for price action. Moreover, outflows from spot Ethereum ETFs have continued for the fourth consecutive trading session, according to data from Farside Investors.
As Ethereum struggles to maintain its footing, market watchers are closely monitoring whether the ongoing sell-offs by large holders will continue to weigh on the price in the near term.
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