$528,000,000 in Ethereum (ETH) Sold: Who’s Dumping?

Who is dumping $528,000,000 worth of Ethereum (ETH)? With solid technical structure and increasing volume, Ethereum has continued its explosive rally, soaring above $3,470. But behind the bullish exterior, a few big players are subtly pulling out, and in considerable numbers.

Over the last few days, two significant Ethereum whales have unloaded 178,080 ETH in total, which is worth roughly $528 million, according to on-chain data. Trend Research, the first noteworthy organization, amassed 184,115 ETH at an average price of $2,118 between Feb. 26 and June 20 for a total of approximately $390 million. They locked in a substantial profit within the last two days by selling 79,470 ETH for roughly $250 million at an average price of $3,145.

They still own 105,664 ETH (worth about $354 million) in spite of this significant sale, so they are obviously reducing their exposure as the price rises. After making over $30 million from ETH trades, another whale recently did the same. Between June 11 and June 22, this investor purchased 132,536 ETH at an average price of $2,518.

They sold 98,610 ETH for about $278 million at an average price of $2,819 over the past eight days. They are exhibiting partial exit behavior, holding 35,022 ETH (~$117.5 million). Concerns regarding near-term exhaustion are legitimately raised by these coordinated exits. Deep into overbought territory, the daily RSI is flashing a red flag at 83.46.

A recent candle’s spike in volume confirms that distribution may be taking place as late buyers pile in. The price action of Ethereum is still structurally sound, though. The asset is trading well above all significant EMAs, including the 200-day, and has decisively broken above long-standing resistance levels.

Even with profit-taking, the rally may continue as long as ETH stays above $3,200-$3,300. To put it briefly, smart money is starting to secure gains even though retail and other whales may still be purchasing. Although the rally may not be over, Ethereum’s next moves will be a test of its strength and sentiment given the $528 million that were dumped into the market.