Ethereum markets face renewed volatility as the whale group “7 Siblings” initiates a $17.2 million ETH sell-off following a massive $47 million transfer.
As reported by Arkham, the group transferred $47 million worth of ETH to a fresh wallet before selling. Within minutes, $17.2 million in ETH changed hands. The sale comes as Ethereum trades at $4,297.90 with a daily gain of 1.72%.
Besides the recent sell-off, “7 Siblings” has a history of well-timed trades. On February 3, blockchain tracker Lookonchain revealed they bought 50,429 ETH worth $126 million. They last made such a bulk purchase on August 6, 2024, during a market crash.
Consequently, the latest move seems to be a portfolio strategy rather than panic selling. The transfer before liquidation is a show of planning, which is common among seasoned crypto whales.
Other Whale Activity and Market Insights
Another Ethereum whale from the ICO days decided to cash in early Monday, selling off 2,300 ETH for $9.9 million. According to on-chain data, this seller initially snagged 20,000 ETH for just $6,200, which has now increased to a value of $86 million.
Notably, this wallet has also offloaded some portions in late 2023 and early 2024, hinting at a strategy of gradual profit-taking.
In addition, data from IntoTheBlock, a cryptocurrency analytics platform, shows that 97% of ETH holders are still in the green. When it comes to Ethereum’s relationship with Bitcoin, the correlation is quite low at just 0.02, which suggests independence in the market.
Right now, large holders are at 55% of the total ETH supply. In the past week, large transactions have skyrocketed to $93.78 billion, with net flows hitting $533.8 million.
Also Read: FG Nexus Becomes Major ETH Holder with 47,331 ETH
