Giant Ethereum Whale Continues Its Profit-Booking Spree On Every ETH Rise

A giant Ethereum whale has continued with its profit-booking spree amid the current ETH price rise above $2,600 levels. A few hours ago the Ethereum “diamond hand” whale sold another 15,000 ETH from its holdings raking in a profit of $40 million.

Giant Ethereum Whale Cashes Out At Right Time

As per the blockchain analytics platform SpotonChain, the ETH Whale has been consistently moving its ETH holdings to centralized exchanges ahead of the significant ETH price drops. This development comes after Ethereum co-founder Vitalik Buterin moved 400 ETH to crypto mixer Railgun.

Over the past month, this ETH whale transferred a total of 25,000 ETH worth $74 million to the crypto exchange Kraken on two separate occasions.

In the last 12 hours, the whale moved a total of 15,000 ETH worth $39.7 million at an average price of $2,645. Soon after this movement, the Ethereum price dropped by 2.5% and is currently trading at $2,591 levels with a market cap of $311 billion.

Last month on July 25, the same whale transferred 10,000 ETH worth $34.7 million at an average price of $3,420, followed by a 7.6% drop. Despite these massive sell-offs, the Ethereum whale still holds a total of 41,639 ETH, valued at $107 million at an estimated profit of $131 million, which is 86% higher than its buying price.

This giant whale keeps depositing $ETH to CEX ahead of steep price drops!

In the past month, the whale moved 25K $ETH ($73.9M) to #Kraken on 2 occasions, both times before a significant price drop:

• 15K $ETH ($39.7M) at $2,645 11 hours ago, before a 2.5% drop.
• 10K $ETH… https://t.co/jYDC4wxKWB pic.twitter.com/sAAL2SRjUj

— Spot On Chain (@spotonchain) August 21, 2024

On-chain data shows that the same whale had purchased a total of 96,639 ETH from crypto exchange Coinbase during the crypto winter of September 2022, and held it until March 2024. Following the bull market in March this year, the whale sold 55K ETH worth $176 million at an average price of $3,199.

ETH Faces Selling Pressure

The Ethereum price continues to face selling pressure amid the formation of the death cross patterns on the technical charts with repeated rejections at $2,600 levels. Popular trader Peter Brandt noted that ETH will continue to stay defensive unless it crosses the $3,050 level.

Charts of continuing interest are Bitcoin and Ether.
Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC
No declaration of next trend yet $BTC$ETH will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC

— Peter Brandt (@PeterLBrandt) August 20, 2024

On the other hand, the Ethereum gas fee has dropped to its 5-year low leading to lower burn of ETH coins and thus growing ETH supply which is negative for the price action. Moreover, the spot Ethereum ETF outflows have continued for the fourth trading session in a row, per the Farside Investors’ data.