Over the weekend, on-chain data recorded massive altcoin sales by "whales". From Ethereum to small tokens like PEPE and HYPE, assets worth millions of dollars were liquidated or transferred to exchanges.
These large-scale transactions drew attention and raised questions about the market's next direction.
Ethereum Leads Whale Selling Wave
Ethereum appears to be the most sold altcoin over the weekend. Notably, the activity of an "OG" address holding 1 million ETH since the ICO era is noteworthy. Recently, this address sold 991.67 ETH, worth $2.51 million, and has sold a total of 9,845.96 ETH, worth $25.23 million since May 26th.
With an initial cost of just $0.31 per ETH, this massive profit highlights the whale's "slow selling" strategy. At this rate, continuing to sell 1,000 ETH per week could persist for months or years.
Additionally, another whale that had been dormant for 4 years suddenly transferred 4,949.63 ETH to a centralized exchange (CEX). Meanwhile, another whale withdrew 10,708 ETH from Lido and immediately sent it to OKX.
Along with these movements, another whale deposited 1,054 ETH on Binance, losing 25% of its value. This reflects fear or profit-taking strategies amid market volatility.
Not all movements suggest selling. One whale used 467.58 ETH ($1.18 million) to increase KTA holdings, indicating they are looking for opportunities in other promising projects beyond ETH.
While showing weakness in the short term, traders remain optimistic about the long-term prospects of altcoins.
"ETH is consolidating after May's strength. With increasing ETF inflows and network activity, prices will soon follow. I'm confident ETH will reach $3,000 this month and $4,000 in Q3 2025." – Analyst Ted mentioned.
Whales Sell Additional Large Altcoins
Besides ETH, several major altcoins were subject to whale sales over the weekend. Hyperliquid's HYPE also faced selling pressure. One whale sold 131,137 HYPE, realizing over $38 million in profits.
Whales continuously depositing altcoins to exchanges may indicate strong selling. Another whale sent 1 trillion PEPE ($11.65 million) to Binance. The same whale's four addresses deposited 356,000 LINK to Binance, with an expected ROI of 97.3%.
Additionally, another whale withdrew SOL worth $7.52 million from staking and sent most of it to Binance.
These actions could be significant signals. Market experience suggests whale sales often coincide with price peaks, realizing profits after growth stages. They may also reflect concerns about an upcoming major adjustment. Comparing past data, similar previous sales often caused sharp volatility but also opened buying opportunities at lower support levels.
With whale trades now reaching tens of millions of dollars, investors should carefully monitor on-chain indicators and trading volumes. If the selling trend continues, the market may face short-term downward pressure. Conversely, new demand could lead to price recovery.
