Ethereum Faces Selloff Risks as Whales Cash Out Profits
- Unrealized profits of Ethereum whales holding between 10K–100K ETH have reached levels similar to the peak in 2021.
- Spot Ethereum ETFs experienced a net outflow of $1.89 million, with Fidelity’s FETH and Bitwise’s ETHW seeing outflows of $29.19 million and $9.7 million, respectively.
- A whale transferred its entire holding of 5,000 ETH (valued at $22.84 million) to Binance, realizing a profit of $5.08 million.
- Analysts suggest that if ETH does not break above the $4,700 resistance level, it may face a correction towards $4,000.
- In the last day, ETH price rose by approximately 2%, currently trading near $4,600 with a trading volume increase of about 28%.
The recent selloff by Ethereum whales and significant outflows from spot ETFs indicate potential selling pressure in the market despite overall price increases.
With unrealized profits hitting high levels and analysts predicting possible corrections to around $4,000, current market dynamics suggest caution among investors.(Source)
