The mysterious Ethereum whale group "7 Siblings" has sold $88.2 million worth of Ethereum in the past 15 hours.
The group holds approximately 1.21 million Ethereum (ETH), valued at $5.6 billion. Blockchain analysis platform Lookonchain reported on Wednesday on the X platform that the group sold 19,461 ETH at an average price of $4,532 each.
According to Lookonchain, from February 3 to April 7, this whale group purchased 103,543 ETH at an average price of $2,219 each, totaling $229.7 million. This includes 24,817 ETH bought at $1,700 each in early April, amounting to $42.2 million.
Transaction records show that the whale operations involved multiple wallets, reflecting a deliberate strategy for managing large holdings and diversification. The largest flow of funds indicates that these ETH were deposited into the lending platform Aave v3.
Ethereum is facing new profit-taking pressure, with short-term holders leading the way as ETH trading prices hover around $4,600. On Monday, Glassnode reported that these investors realized approximately $553 million in daily profits, far exceeding the relatively inactive long-term holders.
Despite a 43% increase over the past month, the current profit-taking level for ETH is still 39% lower than the peak of nearly $3,500 last month, according to Glassnode.
The Ethereum Foundation also sold 2,795 ETH, worth about $12.7 million, when prices reached an annual high. These sales were executed through wallets associated with the foundation in two transactions on Tuesday evening, reducing its holdings to just 99.9 ETH and 11.6 million DAI.
Despite the profit-taking, some remain bullish. Over the weekend, BitMEX co-founder and Bitcoin billionaire Arthur Hayes stated that after selling $10.5 million worth of Ethereum at a trading price of $3,507, he repurchased Ethereum just a week later.
Reportedly, crypto trader Yashasedu mentioned that if Bitcoin reaches $150,000, Ethereum could climb above $8,500, citing historical bull market trends where ETH's market cap reached 30%-35% of Bitcoin's.
If ETH's market cap reaches 35% of Bitcoin's $150,000, the price could rise to $8,656. Even when calculated within the range of 21.7% to 30%, ETH prices would fall between $5,376 and $7,420. At the time of this prediction, the total value locked (TVL) in Ethereum had surpassed $90 billion, with institutional interest continuing to rise.
Ethereum spot ETFs saw a record net inflow of $1.01 billion on Monday. Meanwhile, BitMine Immersion Technologies announced plans to raise $20 billion to purchase ETH.
Related: Ethereum futures open interest hits an all-time high, ETH price breaks $4,500—can the momentum continue?
Original article: “Whale holding $5.6 billion in Ethereum (ETH) is dumping, selling $88 million in 15 hours”
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