Ethereum (ETH) whales that accumulated aggressively during last week's dip are now offloading holdings worth tens of millions of dollars, raising concerns that renewed selling pressure could push the token back below $2,000.
ETH Whale Sell-Offs
On-chain researcher The DataNerd reported on X that a whale dormant for two years deposited 15,000 ETH — roughly $30.97 million — to Coinbase. The transfer was flagged by Arkham Intelligence.
The whale participated in Ethereum's initial coin offering. They had used a dollar-cost averaging strategy to buy 17,400 ETH at about $11.6 per coin on Poloniex.
Even after the deposit, the whale still holds 14,800 ETH worth approximately $30.5 million.
Separately, blockchain analytics platform Lookonchain identified another large sale on X. An early Ethereum holder with the wallet address 0xa2F6 sold 15,002 ETH on Mar. 23 for roughly $30.97 million.
That wallet had received 172,700 ETH a decade ago at $12.83 per coin — a $2.2 million position then. At current prices, the whale's total holdings have gained more than 16,082%, reaching about $356 million.
Also Read: Ethereum Clears $2,145 Bearish Trend Line
Ethereum Price Impact
Large deposits to exchanges by ICO-era whales typically signal intent to sell. Other traders who monitor whale wallets often react by adjusting their own positions, amplifying downward momentum.
The effect intensifies when the sellers are older and larger holders.
ETH trades near $2,100 and has already dropped more than 5% over the past seven days. Persistent sell-offs from this cohort could send ETH below $2,000 again.
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