An Ethereum whale has offloaded thousands of Ethereum, as reported by the blockchain monitoring platform Lookonchain.
28,999 ETH valued at approximately $45.2 million were sold, according to Lookonchain. This large sell-off comes amid several other notable Ethereum movements tracked by Lookonchain.
Ethereum OG Selling Patterns Raise Questions
The sale was executed at an average price of $1,559 per ETH. It was reportedly conducted to repay outstanding debt.
A whale just sold 28,999 $ETH($45.2M) at an average price of $1,559 to repay the debt.https://t.co/w6NZoYoG8T pic.twitter.com/xyfqIrCqGD
— Lookonchain (@lookonchain) April 10, 2025
Lookonchain has also highlighted interesting selling patterns from an Ethereum early adopter who recently liquidated a substantial position. According to their report, an “Ethereum OG” sold 10,702 ETH worth approximately $16.86 million at a price of $1,576 per token after two years of wallet inactivity.
What makes this sale particularly notable is the timing chosen by this long-term holder. Lookonchain pointed out that this wallet “received the $ETH as early as 2016, when the price was just $8.” This itself is a significant return on investment despite selling at current prices well below all-time highs.
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
The analytics firm further noted that this investor “never sold when $ETH was above $4,000 — but always chose to sell during major dips.” This counterintuitive selling pattern raises questions about the motivations behind the transaction.
This selling activity coincides with another transaction potentially linked to industry insider Jesse Powell, co-founder and chairman of the Kraken exchange. He reportedly moved 1,501 ETH ($2.46 million) from Kraken to DeFi lending platforms Aave and Compound. There were also reports earlier that World Liberty Financial began to offload their Ethereum holdings recently.
Conflicting Analyst Perspectives On Ethereum’s Price Direction
Market analysts are divided on Ethereum’s price outlook following the large whale sales. Some analysts are seeing an opportunity while others warn of further downside.
Analyst TraderPA has taken a bullish stance and described the current situation as a “Golden Opportunity” for Ethereum. In a recent tweet, they noted: “Every time Ethereum has experienced a 60–70% correction, it has rebounded significantly. TraderPA concluded that “this time won’t be any different,” and suggested that they expect a price recovery.
Similarly, analyst Crypto Fella expressed a cautiously optimistic view, tweeting: “ETH – #Ethereum is testing really important levels. I think a bottom is close.”
$ETH – #Ethereum is testing really important levels. I think a bottom is close. pic.twitter.com/PpMMEq8Nym
— Crypto Fella (@CryptoFellaTx) April 10, 2025
In contrast, YouTuber CryptoBusy provided a more bearish outlook based on on-chain metrics. They warned that Ethereum “is sending clear warning signals that most traders are missing.
The YouTuber cited several concerning indicators: $94.1 million in ETF outflows over just two weeks, negative funding rates showing bears in control, network activity down 33%, and transaction count collapsed by 40.5% as users migrate to alternative L1 blockchains.
CryptoBusy’s technical analysis suggests “$1000 as a potential bottom zone before any sustainable reversal.”
$ETH @ethereum is sending clear warning signals that most traders are missing.
While CT debate bottom targets, on-chain metrics tell a more definitive story:
– $ETH trading below realized price (historically preceded 35-51% drops)
– $94.1M in ETF outflows over just two weeks… pic.twitter.com/pMb9A23qJx
— CryptoBusy (@CryptoBusy) April 10, 2025
On-Chain Metrics Paint Concerning Picture
The current whale movements correspond to several alarming on-chain metrics noted by analysts tracking Ethereum’s blockchain activity. As indicated by CryptoBusy, Ethereum is currently trading at a price lower than the realized price, which in the past has been followed by price declines of 35-51%.
Realized price is the average price paid for all coins, corrected for lost coins and market movement. Being below this level typically shows that the average Ethereum investor is in a loss on their investment. This can contribute to further selling pressure as investors attempt to reduce losses.
Outside of price metrics, network usage metrics also indicate possible warning signs. CryptoBusy observed that total network activity is 33% down while competitors advance. This is indicative of users possibly looking elsewhere on other blockchains. This decline is further corroborated by a 40.5% crash in number of transactions.
Institutional demand, usually considered the prime mover behind price stability, also seems to be declining with $94.1 million of ETF outflows in a span of two weeks. This outflow indicates bigger investors might be cutting down on their Ethereum exposure. The multiple analyses come at a time when the Ethereum price is hovering at the $1,500 level.
The post Ethereum Whale Dumps $45M ETH, How Will Price React? appeared first on CoinGape.
