Recent movements from major Ethereum holders have drawn attention to the volatility in the crypto market. Two large whales, previously inactive for several years, started a sell-off of their assets.
Ethereum Whale Activity
Two long-silent Ethereum whales have emerged by dumping millions of dollars worth of ETH. One whale, active since 2014, resumed activity after two years of dormancy, initially transferring 1 ETH for a transaction test and then selling 500 ETH for approximately $1.29 million. According to Lookonchain, he sold a total of 2,286 and 1,500 ETH in 2023, worth $4.32 million and $2.83 million respectively.
Impact on ETF Market
During the same period, significant outflows from Ethereum ETFs were recorded. On June 16, spot ETH ETFs lost nearly $10 million in a single day. The largest outflow came from the Fidelity Ethereum Fund ETF, which lost 3,496 ETH, equivalent to more than $9 million. Other funds also experienced outflows, contributing to a bearish sentiment in the market.
Current Ethereum Prices
During the sell-offs, Ethereum experienced serious price fluctuations. After a sharp increase of 6.65 percent on Sunday, reaching $2,680, ETH lost over 5 percent and was trading around $2,580 at the time of writing. The pressure from whale sell-offs and ETF withdrawals has also contributed to this decline.
The awakening of major Ethereum holders and ETF outflows indicates challenging times for the market. This highlights the importance of monitoring whale activity and institutional investments to assess the future price prospects of Ethereum.
