Ethereum ($ETH) ecosystem has been witnessing severe headwinds over recent days, triggering huge sell-offs. As per the data from Onchain Lens, an Ethereum whale has recently sold all the $ETH holdings in their possession after an extended dormancy. The on-chain analytics firm shared insights into this incident in a recent post on X.
Ethereum Whale Resurfaces after 2.4-Year Dormancy to Offload All $ETH Holdings
Based on the on-chain data from Nansen, the Ethereum whale had stayed dormant for a long time until it recently appeared on the surface to sell all ETH holdings. The whale has reportedly liquidated all the $ETH coins in the holdings thereof. In this respect, up to 2,024 $ETH were sold for nearly $2.96M. The transfer, which took place following a 2.4-year dormancy, denotes the conclusive chapter in the whale’s sell-offs.
Over the past 3 years, the whale has gradually offloaded a cumulative of 9.095 $ETH. This figure accounts for a $12.5M. All the respective transfers cumulative denote a per-$ETH average price of nearly $1,375. This value is far below Ethereum’s all-time high price levels. Even then, this price still shows notable gains when compared with the early valuation of the respective $ETH holdings. However, this large $ETH sell-off from the early adopter whale (a.k.a OG) has shocked the crypto community, raising diverse speculations.
Large-Scale $ETH Sell-Offs Indicate Potential Shift in Market in Near Term
According to Onchain Lens, the trade activity of the big asset holders can point toward the impending important market movements. In addition to this, such large offloading can also negatively impact the wider market sentiment. As a result of this, the market could go through huge shifts, specifically in the case of the sentiment of long-term investors.
