Key Notes
- Ethereum whale just dumped more than $16 million in coins unexpectedly.
- There is a growing trend of Ethereum whales selling off their coins, marking a vote of no confidence in the asset.
- Price remains under bearish pressure despite a recent rebound in the broader market.
A long-time Ethereum holder has sold off a huge amount of ETH
ETH
$1 589
24h volatility:
9.5%
Market cap:
$191.76 B
Vol. 24h:
$32.89 B
after two years of complete inactivity. The sale has stirred interest across the community based on its volume, timing, and long-held history tied to the wallet.
Ethereum Whale Selloff Is Now a Trend
Data from Lookonchain shows that the Ethereum whale recently offloaded 10,702 ETH worth about $16.86 million. This wallet has stayed dormant since 2022. Notably, this latest offload follows another large dormant holder that sold off their ETH this week.
An Ethereum OG dumped 10,702 $ETH($16.86M) at $1,576 again after 2 years of dormancy.
He received the $ETH as early as 2016, when the price was just $8.
Interestingly, he never sold when $ETH was above $4,000 — but always chose to sell during major dips.… pic.twitter.com/YZrLWT5exF
— Lookonchain (@lookonchain) April 10, 2025
As detailed, during the network’s early days, the OG, which dumped 10,702 ETH, first acquired the cryptocurrency in 2016. At that time, the price of one ETH was $8. Reports show that the seller held onto their ETH through multiple market cycles and price surges, including when ETH reached an all-time high of over $4,000.
The wallet owner never sold during those highs despite the chance to cash out during peak periods. Instead, their pattern hinges on selling during periods of market downturns. This latest sale followed that trend, with ETH trading at around $1,576 at the time of the dump.
As seen lately, Ethereum whale selloff is intensifying. A wallet linked to Trump-backed World Liberty Financial offloaded 5,471 ETH for $8.01 million at $1,465 per token.
These sales happened at a time when Ethereum is facing significant pressures, particularly in its performance relative to Bitcoin. On April 9, Ethereum dropped to a multi-year low of 0.01855 BTC on Binance.
Although the market saw a slight relief rally afterward, ETH price has fallen significantly this year. Against Bitcoin, ETH is down 45% in 2025 alone. This includes a 34% drop in 2024 and a 25% decline in 2023.
The exact reason the wallet owner decided to sell now is not clear. However, the consistent bearish trend and low ETH/BTC ratio may have influenced the decision.
As of this writing, CoinMarketCap data shows that Ethereum was trading at $1,590.82, up by 7.37% in the last 24 hours. This bullish rebound might help revive the coin’s lost valuation YTD.
Concerns Around Timing Spark Speculations
Many in the crypto space have expressed surprise at the timing of the current sale. Holding ETH from when it was $8 means the wallet could have made far more profit if it had sold during previous market cycles when Ethereum had better spot pricing.
Holding through price peaks and selling during corrections seems unusual to many traders.
This sale has added to the conversions about Ethereum price and current position in the market. Some investors view it as a warning sign, while others see it as the action of one individual and not necessarily a reflection of broader sentiment.
Regardless, the move has proven how unpredictable crypto investor behavior can be, even among early adopters.
Meanwhile, a long-dormant Ethereum whale has re-entered the market after seven years, depositing 2,000 ETH valued at $3.11 million into Kraken. This further fueled the risk of selloff as critics believe.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
