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Current market data shows that Ethereum (ETH) whales are tired of holding on to their bags as prices continue to collapse. According to According to data insights from cryptocurrency analytics platform Lookonchain, whales sold at least 10,070 ETH in the past 24 hours.
Ethereum whale sales
According to Lookonchain data, three wallets, likely from the same whale, sold 10,070 ETH for 33 million DAI. According to the update, this whale conducted a massive sell-off when Ethereum price was $3,280. The whale lost $1 million through this deal in an unusual display of desperation.
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However, this Ethereum whale is not new to the game. They withdrew 24,029 Ethereum worth $81.3 million from Binance about three weeks ago. Despite the recent sell-off, this same whale still owns 13,959 ETH, worth about $45.48 million.
Notably, the Ethereum Foundation is also Sell Ethereum. Whether this whale sell-off represents a new trend or is specific to these entities remains uncertain. Notably, the price of Ethereum has continued to collapse in line with the broader market. At the time of writing, the coin is trading for $3,177.05, down 2.66% over the past 24 hours.
This price level is the lowest in seven days, a trend that explains why whales are already losing confidence in the asset.
Ethereum is still attracting
In addition to the whale sale update shared by Lookonchain, there is a new update a report It shows that most ETH holders are in it for the long term.
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Ethereum remains very attractive as a digital asset and protocol. Developers are actively working to improve the protocol, with a line of upgrades in the pipeline. Starting with the upgrade of Pectra to Fusaka, the plan to improve the usability of Ethereum this year remains high.
Co-founder Vitalik Buterin He has always been vocal about his plans to connect Ethereum to emerging technologies in the real world. From major predictions in the next decade to AI integration, ETH is considered one of the most promising projects backed by experts.
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