Dormant Ethereum Whale Sells $224M ETH: Will Prices Continue to Rise?
An Ethereum whale has awoken from a 8 year slumber and is selling $224 million worth of ETH/USD . The market is surprisingly unbothered.
According to Lookonchain, the whale accumulated 398,889 ETH for $2.4 million between Jan-Mar 2016 at $6 per token.
Nov 7 2024 the whale woke up and started selling. So far 73,356 ETH worth $224.42 million has been sold, most of it transferred to Coinbase.
The selling created pressure but the whale’s future moves are unknown and how it will affect Ethereum’s price. Typically with big sales like this the market is bearish but Ethereum is not.
Ethereum Price Defies Selling Pressure
Despite the whale selling, Ethereum is strong in the market. ETH is at $3,337, up 5% intraday, with a 24hr low of $3,147 and high of $3,428. Up 29% in the last month.
Coinglass data shows this. Ethereum’s futures OI up 10% to $70.79 billion and derivatives volume up 63%. Investors are optimistic and ETH is strong even with selling pressure.
Market is Optimistic?
The whale is selling into a market that is getting more and more interested in Ethereum. Derivatives market is getting more confident with higher volume and OI.
Despite the bearishness, Ethereum is still going up even with big sales. So the trend may continue to go up but traders are watching out for the whale’s next move.
Key Highlights:
- Dormant Ethereum whale sold $224M worth of ETH after eight years.
- ETH price rose 5% to $3,337, defying selling pressure.
- Ethereum futures OI increased by 10%, reaching $70.79 billion.
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