Major Ethereum Whale Sells 14,240 ETH at Significant Loss

In a surprising move, a major Ethereum (ETH) whale recently sold 14,240 ETH worth nearly $37 million at a significant loss of $12.8 million. This transaction occurred as Bitcoin (BTC) reached a new all-time high (ATH), but Ethereum remains nearly 47% below its own ATH. This sudden sell-off has caught the attention of the market, contrasting with the general bullish sentiment following Bitcoin’s recent gains.

Bitcoin and Ethereum Trends

While Bitcoin's surge to its ATH has brought renewed optimism to the crypto market, Ethereum's price has not mirrored this upward trend to the same extent.

According to Lookonchain, the whale bought 14,233 ETH from Binance at a high price of $3,502 between May 29 and Sept. 30, spending around $49.8 million in total. However, with Ethereum’s price currently well below that level, the whale’s sell-off has resulted in a realized loss of $12.8 million.

On the other side of the divide, Bitcoin whales appear to be accumulating. Lookonchain reported that 11 new wallets withdrew 1,807 BTC worth $132 million from Binance in recent hours. Another Bitcoin whale is currently long on BTC again via recursive borrowing, reportedly borrowing $27 million from Aave to buy 366.31 WBTC at an average price of $73,708. A separate BTC whale recently experienced a liquidation for $74.98 million after shorting BTC.

Ethereum Price Recovery

Bitcoin recovered overnight, reaching an all-time high. The largest digital asset climbed by as much as 10%, reaching $75,410. Though it lost some of these gains, it was last up 8% at $74,293.

Ethereum likewise surged from lows of $2,420 to $2,643, printing a massive green candle in today's trading session. As of the latest update, ETH was up 7.63% in the last 24 hours to $2,633 but remains down 46.23% from its all-time high of $4,891 reached on Nov. 16, 2021.

According to IntoTheBlock data, 64% of Ethereum addresses remain in profit. This scenario presents a silver lining as Ethereum sits just above critical on-chain support levels, which may act as a buffer against further downside pressure.

This article was originally published on U.Today