Ethereum whales have sold nearly 107,000 ETH worth $256.8 million to exchanges in the past 24 hours. Ethereum (ETH) whales have made headlines for selling $257 million worth of ETH in the past 24 hours, sparking concerns about a possible market crash. Many are wondering: why are whales and institutions selling ETH en masse?
Whale Sends $257 Million ETH to Exchanges
According to CryptoQuant, whales sold nearly 107,000 ETH, worth $256.8 million, to exchanges in 24 hours. As ETH reserves on exchanges increase, selling pressure also increases, which usually leads to price declines. This happened just as the market was starting to recover on October 5, 2024, but ETH prices have yet to see a significant drop.