Ethereum whales have been selling their coins aggressively in recent days, putting pressure on the market. The increase in ETH inflows into exchanges indicates that whales are looking to lock in profits after the price has risen by double digits over the past week. Ethereum has gained 14% in the past week. However, this rally may face resistance due to increased selling by whales.
On Monday, one of the early participants in the Ethereum initial coin offering (ICO) that received 150,000 ETH in the Genesis block — now worth more than $389 million — moved 3,510 ETH ($9.12 million) to Kraken after more than two years of inactivity. Over the weekend, another prominent whale with large amounts of ETH also sold coins. Spotonchain analyst noted in a post on X that the whale moved 15,000 ETH ($38.4 million) to exchanges. He is known for selling ETH just before market drops. In July, he sold 10,000 ETH ($34.2 million) before a 7.6% price decline, and in August, he sold 15,000 ETH ($39.7 million) shortly before a 2.5% drop. The big players’ moves have led to an increase in the volume of ETH on crypto exchanges. There are currently 21.45 million ETH stored there, worth over $56 billion. Since September 20, 30,000 ETH worth $79.20 million (at current market prices) have been received on exchanges.
An increase in the supply of an asset on exchanges, especially when it is associated with whales, often indicates an attempt to take profits. This can put pressure on the price, as an increase in the number of sellers can lead to an oversupply, especially if there are no new buyers.
