Ethereum Whale Offloads Massive ETH Holdings Across Exchanges
- A whale deposited a total of 167,855 ETH across multiple exchanges between Aug. 30 and Sept. 4.
- The average exit price was approximately $2,430 per ETH, totaling about $408 million.
- Despite the sale, ether prices climbed to around $2,520 on Friday, marking a rise of about 5.2% over the previous day.
- U.S. spot ether exchange-traded funds (ETFs) absorbed $141 million in net inflows on Sept. 3.
- The whale’s holdings represented roughly 0.13% of ether’s market value at the time.
This significant movement in the Ethereum market did not disrupt its upward trend as other channels absorbed the supply effectively. The whale’s actions follow earlier large sales by entities like ‘7 Siblings’ and wallet address 0xFD10, which also contributed to substantial market activity in August.
Ether’s resilience amid these large-scale sales highlights strong demand and robust market conditions, with ETFs playing a crucial role in stabilizing prices through significant inflows during this period.(Source)
