Ethereum Whale Sells 8,576 ETH ($37M) After 10-Year Hold
On-chain analytics reveal an early Ethereum whale offloaded 8,576 ETH—approximately $37.02 million—this week. The wallet initially received 20,756 ETH from an Ethereum Foundation–related address a decade ago at just $0.875 per ETH. Despite the sale, the whale still holds 10,209 ETH, reflecting massive unrealized gains. Although the Ethereum Foundation denies control over this address, the move offers key insights into market sentiment.
Primary motivations include profit taking after a ten-year hold, portfolio rebalancing, and preparing liquidity for other investments. While such a large Ethereum whale sale can create short-term downward pressure on ETH prices and trigger unease among retail traders, the market’s deep liquidity often absorbs large sell orders.
Traders should watch for spikes in selling volume and shifts in ETH’s order book depth. In the long term, Ethereum’s price action remains driven by network upgrades, DeFi growth, NFT adoption, and Layer 2 expansion. Monitoring whale activity via on-chain data can help traders anticipate potential volatility but should be considered alongside broader market fundamentals.
Neutral
While the sale of 8,576 ETH by a decade-long holder may exert short-term downward pressure and trigger retail uncertainty, the Ethereum market’s liquidity and robust fundamentals typically absorb large sell orders. Similar past whale liquidations have led to temporary volatility but no lasting bear trend. Traders should remain vigilant for spikes in selling volume and order-book shifts, yet long-term drivers—network upgrades, DeFi and NFT adoption, Layer 2 growth—support a neutral outlook rather than a clear bullish or bearish bias.