An Ethereum whale holding $5.6B sells $88M worth of ETH in 15 hours, raising concerns over market impact.
The Ethereum whale group “7 Siblings” sold $88.2 million in ETH within 15 hours as short-term speculators secured profits.
Over the past 15 hours, the enigmatic Ethereum whale collective “7 Siblings” has released $88.2 million in Ether.
The group sold 19,461 ETH at an average price of $4,532 in a Wednesday post on X, according to blockchain analytics platform Lookonchain. The group is estimated to hold approximately 1.21 million Ether, which is valued at $5.6 billion.
The whale group acquired 103,543 ETH for $229.7 million between February 3 and April 7, with an average price of $2,219. According to data collected by Lookonchain, the gain consisted of a $42.2 million acquisition of 24,817 ETH at $1,700 in early April.
Transaction records indicate that the whale’s activity is spread across multiple accounts, implying a deliberate strategy to conceal and manage substantial holdings. The most significant movements are the deposits of ETH into Aave v3, a lending and borrowing platform.
Holders of short-term ETH facilitate profit-taking.
Ethereum is trading at approximately $4,600, and short-term holders drive the renewed profit-taking pressure.
Glassnode reported on Monday that these investors were achieving daily gains of approximately $553 million, which significantly exceeded the activity of long-term holders, who continued to be relatively inactive.
According to Glassnode, the current profit-taking levels of ETH are still 39% below the apex of last month, when prices were near $3,500, despite a 43% increase over the past month.
As prices reached yearly highs, the Ethereum Foundation sold 2,795 ETH, equivalent to approximately $12.7 million. The foundation’s holdings were reduced to a mere 99.9 ETH and 11.6 million DAI due to the sales conducted in two transactions late Tuesday through a wallet associated with the foundation.
Some individuals continue to maintain their optimism despite the profit-taking. Arthur Hayes, the co-founder of BitMEX and a Bitcoin entrepreneur, announced over the weekend that he had re-entered the Ethereum market, trading at $3,507. This occurred just one week after he sold $10.5 million in Ethereum.
If Bitcoin reaches $150,000, Ethereum (ETH) could reach $8,600.
Yashasedu, a crypto trader, stated that Ether could surpass $8,500 if Bitcoin reaches $150,000. He cited historical bull market trends in which ETH’s market value exceeded 30%–35% of Bitcoin’s.
The price of ETH could reach $8,656 if it matched 35% of Bitcoin’s market cap at $150,000. ETH could trade between $5,376 and $7,420, even at a lower range of 21.7%–30%.
The projection was made in response to the fact that Ethereum’s total value locked (TVL) had surpassed $90 billion, and institutional interest had increased.
It is worth noting that spot Ether ETFs experienced a record $1.01 billion in daily net inflows on Monday. The migration occurred with BitMine Immersion Technologies’ announcement of its intention to raise $20 billion to purchase ETH.
