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ETH Recently, the crypto market witnessed a concerning development: a whales investor with over $5.6 billion in Ethereum tokens sold out an amount of $88 million in ETH within just 15 hours. This significant transaction not only caused a stir in the market but also prompted investors to consider the potential impact of such actions on price fluctuations. This article will explore the reasons behind this sale and the possible implications it may have for the market.
The mysterious group of Ethereum whales known as “7 Siblings” sold out $88.2 million in Ethereum tokens over the past 15 hours.
This group holds approximately 1.21 million Ethereum tokens, valued at $5.6 billion. The blockchain analysis platform Lookonchain announced on X that this group sold 19,461 ETH at an average price of $4,532 per token.
According to Lookonchain’s data, from February 3rd to April 7th, this whale group purchased 103,543 ETH at an average price of $2,219 per token, totaling $229.7 million. This included 24,817 ETH purchased at $1,700 per token in early April, worth $42.2 million.
Trading records indicate that this whale group used multiple wallets for their transactions, suggesting that they managed their large holdings strategically and diversely. The largest outflow of funds was directed towards the lending platform Aave v3.
Short-term Ethereum holders took advantage of the situation to take profits.
Ethereum is facing new pressures to take profits. Short-term holders are leading the way, with ETH trading at around $4,600. On Monday, Glassnode reported that these investors generated approximately $553 million in daily profits, far exceeding those of long-term holders who are relatively less active. Although ETH has risen by 43% over the past month, the current level of taking profits is still 39% lower than the peak price of around $3,500 last month, according to Glassnode. The Ethereum Foundation also sold 2,795 ETH when the price reached an annual high, worth approximately $12.7 million. These sales were executed through wallets affiliated with the foundation, reducing their holdings to just 99.9 ETH and 11.6 million DAI on Tuesday evening. Despite the taking profits, some investors remain optimistic. Last weekend, Arthur Hayes, co-founder of BitMEX and a billionaire in Bitcoin, said that he bought back ETH just one week after selling $10.5 million when the ETH price was $3,507. If Bitcoin reaches $150,000, ETH could reach $8,600. According to crypto trader Yashasedu, if Bitcoin reaches $150,000, ETH could rise above $8,500, citing historical bull market trends where ETH’s market value was 30%–35% of Bitcoin’s. If ETH’s market value reaches 35% of Bitcoin’s $150,000, the price could potentially rise to $8,656. Even assuming a range of 21.7% to 30%, the ETH price would fall between $5,376 and $7,420. At the time of this prediction, Ethereum’s total locked value had exceeded $90 billion, and institutional interest continued to rise.The net inflow into the Ethereum spot ETF on Monday reached a record level, at 1.01 billion dollars. Meanwhile, BitMine Immersion Technologies announced plans to raise 20 billion dollars to purchase ETH.
