Whales Are Dumping $ETH at a Loss!

An investor dumped Ethereum ETH/USD tokens at a loss on Sunday as the second-largest cryptocurrency capped off the week with double-digit negative returns.

An investor sold Ethereum (CRYPTO: ETH) tokens at a loss on Sunday as the world’s second-largest cryptocurrency capped off the week with double-digit negative returns.

The investor, whose three wallets were being tracked by Lookonchain, sold 10,070 Ether for 33 million in stablecoin Dai (CRYPTO: DAI), losing $1 million in the sale.

The investor withdrew 24,029 Ether — valued at the time at $81 million — from cryptocurrency exchange Binance three weeks ago. After the latest sale, the investor was left holding 13,959 ETH, valued at $45.48 million.

Whale sold $ETH at a loss!

9 hours ago, 3 wallets(likely belonging to the same whale) sold 10,070 $ETH for 33M $DAI at $3,280, losing $1M.

This whale withdrew 24,029 $ETH($81.3m) from #Binance via 10 new wallets 3 weeks ago and currently holds 13,959 $ETH($45.48M).

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Bearish On ETH.

However, the bearish sentiment was not limited to any single entity.

According to blockchain analytics firm IntoTheBlock, net inflows to exchanges spiked by 791% to reach $338 million in the last 24 hours, indicating that more ETH was entering exchanges than leaving, presumably to be sold off.

Moreover, large transactions, valued at $100,000, also jumped by over 70%, implying greater engagement by whales.

See Also: US Government Silk Road Bitcoin Holdings Drop To 0 Amid Report DOJ Approved To Sell $6.5 Billion Worth Of Crypto

The second-largest cryptocurrency was in the middle of a corrective phase that has eroded over 11% of its value in a week.

Coin Price Chart: TradingView.com

The coin’s momentum indicators also painted a bearish picture.

The Moving Average Convergence Divergence (MACD) indicator, which compares a stock's short-term price to its long-term price, flashed a ‘Sell’ signal, according to TradingView.

The Relative Strength Index (RSI), used to measure if the asset is overbought or oversold, was in the “Neutral” zone.

On the other hand, derivatives traders were still optimistic about a recovery.

More than 82% of all traders on Binance with an active contract were long on Ethereum, according to the Long/Short Ratio.

Price Action: At the time of writing, Ethereum was exchanging hands at $3,250.93, down 0.92% in the last 24 hours, according to data from Benzinga Pro.

Year-to-date, the coin was down 2.86%, compared to a 46% upside in 2024.

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