At the beginning of October, several whales recently sold a large amount of nearly 71,000 ETH, probably due to concerns about the lack of hope for a rebound in the ETH market in the short term and overall economic uncertainty.

The market was hit hard at the beginning of October, with bull whales continuing to sell large amounts of ETH overnight. According to on-chain data analyst Ember Monitoring, a whale participating in the Ethereum ICO once again transferred 6,000 ETH to Kraken this morning, with a total value of approximately $14.71 million.

The whale has sold 30,000 ETH in the past week, and has sold 45,000 ETH (about $113 million) out of the 150,000 ETH he received in the ICO.

https://platform.arkhamintelligence.com/explorer/address/0x35c9BBD1e0dDEadca4118A2378E9B0D1959B79F1

The second

Coincidentally, another whale withdrew 29,414 ETH (worth $74.49 million) from Coinbase at $2,532 at the end of August and completed the sale of the last 7,000 ETH (worth $17.68 million) 8 hours ago.

The whale eventually sold all of his ETH at $2,605, realizing a profit of $2.3 million.

https://platform.arkhamintelligence.com/explorer/address/0xB98d5c4b464DcAcFB3F8FaD952c9a8A0c39a0fF5

The third

The monitoring data update of X account Air Auntie shows that a whale that redeemed 24,000 pledged ETH from Lido on September 27 has sold all 24,000 ETH in the past four days, and also liquidated the 4,980 ETH previously purchased, worth US$76.45 million, with a profit of US$2.09 million.

https://platform.arkhamintelligence.com/explorer/address/0xB98d5c4b464DcAcFB3F8FaD952c9a8A0c39a0fF5

Recently, Ethereum whales have sold a total of 71,000 ETH

• 30,000 ETH (0x35c9BBD1e0dDEadca4118A2378E9B0D1959B79F1)

• 17,000 ETH (0xB98d5c4b464DcAcFB3F8FaD952c9a8A0c39a0fF5)

• 18738 枚 ETH（0x147593C9875a11e9F4102974fD91fa825AA2eEFE）

• 4556 枚 ETH（0x28BBBA938bEfa30269a565edF6443656CBBA50e7）

• 1482 枚 ETH（0xB7EaeF912a558d4C6e514159E994cFfd2ED09108）

Speculation on the reasons for the whale's shipment

As reported recently by Dynamic Zone, Polymarket data shows that there are significant differences in the market's predictions for Bitcoin and Ethereum to hit new all-time highs in 2024. Bitcoin is generally optimistic, while Ethereum faces lower market expectations.

From the perspective of the overall economy, we have entered a cycle of interest rate cuts in the United States and the beginning of China's loosening of its monetary policy, but this is most likely just a moderate interest rate cut to maintain economic stability and avoid further recession.

Given the overall economic environment, external war factors, and the influence of competing public chains, it is unlikely that a large amount of hot money will flow into Ethereum in the short term and drive up prices. Therefore, the whales choose to sell at this time, perhaps due to conservative expectations and uncertainty about the overall economic environment.

ETH/BTC ratio has low chance of rebounding in the short term

The ETH/BTC ratio has shown a significant downward trend since the beginning of 2024, falling from a high of about 0.06 to the current level of around 0.04, showing that the value of Ethereum relative to Bitcoin continues to weaken, currently at 0.04032 , the short-term market sentiment may be "Bitcoin is strong, Ethereum is weak" by the end of the year.