Ethereum Whale Sells 501 ETH After 2 Years, Another Moves 2,000 ETH

Recent activity from Ethereum whales is causing a stir in the market, with two notable sales this week. One whale sold 501 ETH after two years of inactivity, while another moved 2,000 ETH to Binance after nearly a decade. Despite this selling pressure, Ethereum’s weekly ETF inflows remain positive, suggesting continued institutional interest in the cryptocurrency market.

The Ethereum market has recently witnessed notable activity from long-standing whale wallets, with some early adopters beginning to liquidate hefty holdings. According to Lookonchain, a platform dedicated to on-chain analytics, at least two substantial Ethereum whales have re-entered the scene after years of dormancy, creating fresh selling pressure on the cryptocurrency. This trend raises eyebrows and signals that even seasoned investors are attempting to capitalise on the current market conditions.

One such prominent whale, often referenced as an Ethereum “OG,” had been inactive for about two years, but has recently made moves to sell off a portion of their substantial 8,052 ETH stash, which is around $20.43 million at current rates. Initially, the whale executed a small test transfer of just 1 ETH, which was followed by a sizeable move of 500 ETH, valued at approximately $1.29 million, sent to exchanges for potential sale. It’s worth noting this isn’t the first occasion this particular wallet has made a sale during its sporadic awakenings, having sold significant amounts in the past.

In another noteworthy instance, a different whale from the ICO era of 2014 has surfaced, transferring 2,000 ETH worth an estimated $5.13 million to the Binance exchange. These large holders from the early days of Ethereum tend to create a stir within the cryptocurrency community when they liquidate substantial portions of their holdings, often in response to either market sentiment or personal financial strategies.

Amid these developments, Ethereum’s price has shown a mix of volatility. Recently, ETH surged by 6.65%, peaking at around $2,680, only to fall back over 5% the following day and settle closer to $2,565. This price drop aligns with withdrawal activity from newly launched spot Ethereum ETFs, which had initially appeared to be a positive catalyst for the asset. On June 16, these ETFs saw nearly $10 million in outflows, with the Fidelity ETH Fund ETF facing the largest single outflow of 3,496 ETH, worth about $9.03 million. Other ETFs experienced smaller withdrawals as well.

Nevertheless, it’s important to highlight that, despite daily selling pressures, the weekly netflows from Ethereum ETFs have remained encouraging. Over the past week, the overall inflows reached 191,057 ETH, indicating that institutional interest isn’t completely waning. It seems investor appetite remains resilient, even amid the short-term fluctuations in price due to the whales’ activities.

As Ethereum navigates through this rollercoaster landscape, traders and investors will be paying close attention to ongoing whale selling trends, potential regulatory changes, and shifts in broader market attitudes, all of which could significantly impact Ethereum’s trajectory in the coming days.

For those interested in potential investments, analysts are discussing which altcoins to consider as high-utility options primed for potential growth in the next bull run.