Ethereum Whales Sell 684.1k ETH, Price Drops 3.95%

Ethereum whales have recently offloaded a significant amount of tokens, with a total of 684.1k ETH tokens sold over the past day. This selling spree has had a noticeable impact on the price of Ethereum, which has decreased by 3.95% over the past 24 hours. The selling activity has been particularly pronounced among long-term whales, who have been holding onto their ETH for extended periods. According to on-chain analyst @‌ai_9684xtpa, two dormant and old whales have started to offload their ETH holdings. One whale deposited 959.69 ETH worth $2.54 million to OKX, while the second whale sold 587 ETH worth $1.56 million through Kraken. The second whale has been selling since March, having offloaded a total of 14,398 ETH worth $28.47 million.

The selling activity among whales has not been isolated but rather part of a broader trend. Over the past day, Ethereum whales have collectively offloaded a total of 684.1k ETH tokens, indicating a massive exchange outflow. This has resulted in a large holder’s netflow dipping to negative territory, hitting -83.5k. A negative netflow value suggests that whales have sold more than they have bought, reflecting a strong lack of confidence from large holders.

In addition to the selling activity from whales, the Ethereum market has been dominated by sellers. The Taker’s buy-sell ratio has dropped to a weekly low, indicating that sellers are outpacing buyers. This selling activity has led to an increase in the exchange supply ratio, which has surged to a weekly high. An oversupply of ETH on exchanges can lead to lower prices if demand drops, further exacerbating the sell pressure.

The rising selling activity across the market has negatively affected Ethereum’s price movement, which dropped 3.95% over the last day. If the current selling activity continues, ETH could breach the consolidation range and drop to $2324. However, if the market manages to absorb the sell-side pressure, ETH will continue to hold within the range and trade between $2.4k and $2.7k. A breakout from this zone will require a cooldown in selling activity.