Ethereum Whales Offload $53M in ETH as Price Surges Past $2,600

• Two Ethereum whales sold a combined 20,610 ETH worth $53.6 million, coinciding with a 12% price rally in recent weeks.
• Wallet 0x999, Genesis Trading’s largest creditor, sold 12,100 ETH, following a previous payout of 114,502 ETH in August.
• Wallet 0xb8c, an early Ethereum ICO participant, sold 8,400 ETH to Kraken, holding approximately 130,000 ETH across multiple addresses.

Two major Ethereum holders have made significant sales, collectively offloading 20,610 ETH, valued at approximately $53.6 million. According to data from Spot On Chain, these transactions occurred over the past few days and have caught the attention of the cryptocurrency community. The timing of these sales coincides with Ethereum’s latest price rally, which has seen the cryptocurrency’s value increase by 12% in recent weeks.

These two major players further moved 12,100 $ETH ($31.7M) to exchanges in the past 24 hours!

In total, they have unloaded 20,610 $ETH ($53.6M) over the last 3 days, including:

👉 Ethereum ICO whale “0xb8c” sent 8,510 $ETH ($22.15M) to #Kraken after 3 months of inactivity,… https://t.co/1EUhugqv5O pic.twitter.com/PbHNHj7SyL

— Spot On Chain (@spotonchain) September 26, 2024

Largest Creditor in Genesis Trading Bankruptcy Makes Major Moves

Notably, the largest creditor involved in the Genesis Trading bankruptcy, operating under wallet address 0x999, offloaded 12,100 ETH, worth around $31.45 million. This transaction, conducted through FalconX, followed a previous payout of 114,502 ETH in early August, as part of the bankruptcy distribution. After the sale, wallet 0x999 still holds approximately 155,000 ETH.

Additionally, Spot On Chain’s analysis showed that wallet 0x999 began liquidating its ETH holdings on September 23. The majority of the transactions, including the sale of 12,100 ETH, were carried out over a three-day period. This latest sale has raised concerns about potential selling pressure, especially with the significant remaining balance held by this creditor.

Ethereum ICO Participant Joins in with Large Transactions

Furthermore, another large-scale Ethereum whale, identified as wallet 0xb8c, has also been active. This wallet, which was an early participant in Ethereum’s Initial Coin Offering (ICO), transferred 8,400 ETH, valued at $22.15 million, to Kraken after three months of inactivity. Moreover, Spot On Chain data revealed that this wallet still controls roughly 130,000 ETH across eight different addresses.

Further analysis indicated that wallet 0xb8c has made smaller transactions, including the movement of 3,500 ETH and 10 ETH within the past few hours. These activities closely mirror the recent movements by wallet 0x999, suggesting a potential connection or coordination between these two large holders.

Concerns Over Ethereum Price Stability

Notably, the combined sale of $53.6 million in Ethereum by these two whales has sparked concerns within the market. Investors are now closely watching for any potential impact on the cryptocurrency’s price, as such large outflows could lead to increased selling pressure.

Despite the massive transactions, Ethereum has maintained its upward momentum, with the price currently trading at $2,636, reflecting a 12% increase over the past two weeks.

Therefore, while the recent whale activity has drawn attention, Ethereum’s price performance has so far remained unaffected. However, market observers are cautious, as further selling by these large holders could introduce volatility in the near term.

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