Two long-silent Ethereum whales have re-emerged, dumping millions of dollars worth of ETH into the market. According to Lookonchain, these wallets, inactive for years, have returned just as Ethereum’s price began to slide.
One whale, described as an Ethereum OG, resumed activity after two years of dormancy. He initially transferred 1 ETH to test the transaction, followed by a 500 ETH sale worth approximately $1.29 million at the time.
According to historical data on Lookonchain, this particular whale sold 2,286 and 1,500 ETH in 2023, worth $4.32 million and $2.83 million, respectively. He returned at a time when there was upward pressure on Ethereum’s selling.
Another whale, identified as an early Ethereum investor from the 2014 ICO, ended nearly a decade of silence. He transferred his entire amount of 2,000 ETH to Binance and sold it at a price of approximately $5.13 million, which Lookonchain also publishes.
These whale movements occurred when Ethereum experienced serious price volatility. Having increased by 6.65 percent on Sunday to touch $2,680, ETH lost more than 5 percent on Monday and was trading around $2,580 at press time.
Also Read: Whale Moves 10% of EURI Supply to Binance, Triggering Sell-Off Fears
Ethereum ETFs See Heavy Outflows Amid Whale Sell-Offs
At the same time, Ethereum exchange-traded funds registered major outflows. On June 16, spot ETH ETFs lost nearly $10 million in a single day.
The largest outflow was in the Fidelity Ethereum Fund ETF, which lost 3,496 ETH, which is worth more than 9 million dollars. Invesco Galaxy then withdrew 172 ETH, which is worth approximately 444,000 dollars.
Other funds had zero inflows, and Grayscale Ethereum Trust and Mini Trust also had minor withdrawals. The net outflow per day was 3,748 ETH, which added to the bearish mood.
Although the end of the day traded with significant losses, positive growth was observed in weekly ETFs. According to data, more than 191,000 ETH was put into spot ETFs over the past week, which also suggests that there is still some institutional demand.
The pressure exerted on the Ethereum market by the merged whale sell-offs and ETF withdrawals has also contributed to the recent drop in the Ethereum price.
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