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Who’s Dumping a Whopping $528 Million Worth of Ethereum?
The cryptocurrency market has been experiencing unprecedented growth recently, with Ethereum, the second-largest blockchain by market capitalization, not exempt from this trend. As Ethereum surged above $3,470, it’s crucial to identify potential market manipulation or significant players’ actions that might have a material impact on the current rally.
According to recent on-chain data, two notable Ethereum whales have collectively sold an astonishing $528 million worth of ETH tokens in a remarkably short period. Trend Research, a prominent organization, acquired 184,115 ETH at an average price of $2,118 between February 26 and June 20 for approximately $390 million. However, this whale has since unloaded 79,470 ETH for roughly $250 million at an average price of $3,145 over the past two days.
Despite selling a substantial amount of Ethereum, Trend Research still holds onto 105,664 ETH (approximately $354 million) at current prices, indicating that they are intentionally scaling back their exposure as the market rallies. This decision raises concerns about short-term exhaustion and potentially impacting the rally’s momentum.
Another notable whale recently purchased 132,536 ETH at an average price of $2,518 between June 11 and June 22 for approximately $278 million and then proceeded to sell 98,610 ETH for roughly $278 million at an average price of $2,819 over the past eight days. Although this whale has partially exited their position by retaining 35,022 ETH (~$117.5 million), there are concerns about near-term exhaustion raised by these coordinated exits.
As Ethereum remains structurally sound and stays above all significant EMAs (including the 200-day) while decisively breaking above long-standing resistance levels, it’s crucial to follow the market closely for further developments.
Source: u.today
