An Ethereum whale identified as address '0x8C08' sold 8,005 ETH for $30.03 million at $3,751 per token, securing a $9.87 million profit within just 14 days. The whale had originally accumulated 9,582 ETH at $2,725 per coin, marking a 38% return while retaining 1,577 ETH ($5.96 million) for potential future gains. This exit coincided with ETH ending an eight-day winning streak, dropping over 3% as its 14-day RSI hit 78 – signaling overbought conditions that historically precede corrections. Analysts project a short-term pullback toward $3,000-$3,200 support levels despite ETH maintaining its long-term ascending trendline.
Simultaneously, a Bitcoin whale sold 700 WBTC (Wrapped Bitcoin) for $82.4 million after holding the position for four years. Having acquired 1,074 WBTC at $10,708 per coin in 2021, the whale secured $74.89 million in profits while retaining 800 WBTC worth over $90 million. The sale occurred amid Bitcoin's bull run, with the partial exit interpreted as strategic profit-taking rather than loss of conviction. Market observers noted the $82.4 million transaction was absorbed without significant price disruption, highlighting improved market liquidity.
Glassnode data reveals sustained bullish conviction among ETH holders, with nearly 2 million ETH still held at the $2,520 cost-basis level despite recent profit-taking. Both whales' partial exits suggest expectations of continued upside, with ETH analysts targeting $8,000 in coming months.