Ethereum OG Sells $136 Million in ETH and wstETH Amid Market Pressure
- An early Ethereum participant sold a total of $136 million worth of ETH and wstETH over the past week.
- The sales included 55,000 ETH valued at approximately $112.25 million and another batch of wstETH worth about $24 million.
- The average selling price was around $2,041 per ETH, according to onchain data.
- This activity coincides with ongoing outflows from ETFs, adding pressure as Ethereum tests the critical $2,000 support level.
- Meanwhile, other whales are accumulating Ethereum, with one purchasing over $47 million worth of ETH.
The recent sell-off by an Ethereum OG highlights a trend where some early backers are realizing profits amid current market conditions. This comes as Bitcoin and Ethereum ETFs experience continued outflows, affecting market stability.
While significant sales put downward pressure on prices, the simultaneous accumulation by other investors suggests mixed sentiment in the market regarding Ethereum’s future trajectory.
