Ethereum Whale Sell-Off Increases Market Pressure Amid Growing Competition

The crypto market is experiencing a sell-off, and Ethereum whales are cashing in on gains. According to Lookonchain, an analytics platform, a large Ethereum ICO participant recently transferred 3,000 ETH, valued at approximately $7.64 million. This move is contributing to broader market sell-off pressures.
Ethereum Whales Taking Profits
Data from Lookonchain shows that this whale, who last sold 7,000 ETH in July, has initiated another major sell-off. That previous sale triggered a 15% drop in Ethereum’s price. With this recent sale, Ethereum’s price has fallen by 2.15% to $2,527.44. The whale initially received 254,908 ETH during the ICO, which was worth just $79,000 at the time but has ballooned to over $646 million today. Despite the recent sale, the whale still holds 37,070 ETH, valued at $93.8 million, indicating that more sell-offs could follow.