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Ethereum whales have been quietly unloading their ETH holdings at an alarming rate. According to on-chain data, wallets 0x14e4 and 0x26Bb, likely controlled by the same whale, have withdrawn a staggering 95,920 ETH, valued at approximately $237 million in just a few days. Additionally, these whales have deposited around 62,289 ETH (approximately $154 million) to exchanges like HTX Bybit and OKX over the past 20 days.
This sort of flow is usually seen when major investors lose confidence in the upside potential of Ethereum. Historically, whale wallets transferring substantial amounts to exchanges signal a potential downturn in the market, as these large holders begin to liquidate their positions.
The data shows that these whales still hold an impressive 33,631 ETH ($83 million), leaving them with plenty of firepower to further increase selling pressure if they choose to do so.
Source: u.today
