Ethereum (ETH) early investors' movements are drawing attention again. Data has been released showing that large holders (Whales) who were long inactive are now selling hundreds of ETH and influencing the market. Among these, the return of an Ethereum OG (original investor) after two years is particularly noteworthy.
According to on-chain analysis platform Lookonchain, an Ethereum OG recently sold 501 ETH, converting it to approximately $1.29 million (about 1.793 billion won). The investor is analyzed to have moved 500 ETH for full-scale selling after a test transfer of 1 ETH the previous day. This is a representative case of a previously quiet large wallet resuming activity.
This investor, who barely used his wallet for the past two years, has recently begun actively moving assets. In the past, he had sold 2,286 ETH and 1,500 ETH in 2023, realizing a total profit of $7.17 million (about 9.966 billion won). Currently, his wallet still holds 8,052 ETH, which is worth approximately $20.43 million (about 28.398 billion won) at current market rates.
Another notable case emerged. One wallet that participated in Ethereum's initial coin offering (ICO) broke its silence after about 10 years, transferring 2,000 ETH to Binance and selling it all within a few days. The proceeds from this sale amounted to approximately $5.13 million (about 7.12 billion won).
Meanwhile, outflows from Ethereum ETFs were also observed. According to Lookonchain, approximately 3,748 ETH (about 9.863 billion won) was withdrawn from the entire Ethereum physical ETF on June 16th. Among these, the Fidelity Ethereum Fund suffered the most significant outflow with 3,496 ETH (about 9.234 billion won). The Invesco Galaxy ETF also saw a decrease of 172 ETH (about 477 million won). Additionally, 78 ETH left the Grayscale Ethereum Trust, and 2 ETH left the Mini Trust.
On the same day, Ethereum's price dropped by over 5% compared to the previous day, falling to around $2,580 (about 3.582 million won). This effectively reversed the previous day's surge that had broken through $2,680. Consecutive large-scale selling volumes and ETF fund outflows are expected to further increase Ethereum's short-term volatility.
This case demonstrates that long-term investors are no longer maintaining a passive stance and are instead moving towards strategic asset recovery. This could potentially lead to additional selling pressure, requiring investors' careful attention.
Real-time news...Go to Token Post Telegram
<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>
