An early Ethereum investor, known on-chain as "Ethereum OG," has executed a massive sell-off, depositing 40,251 ETH worth approximately $124 million into the cryptocurrency exchange Bitstamp over a two-day period. This activity, tracked by on-chain analytics firm Lookonchain, represents a continuation of a profit-taking strategy from a wallet that originally accumulated 154,076 ETH at an average price of $517, likely during the 2017-2018 period.
According to data from Arkham, the whale's repeated transfers to Bitstamp in recent months have resulted in total outflows exceeding $175 million. Despite this significant selling pressure, the entity still retains a substantial holding of 26,000 ETH, valued at roughly $80.15 million, indicating a gradual, structured distribution rather than a full exit.
The specific transactions included a transfer of 10,000 ETH ($30.73 million) from address "0xBd7" and another 4,251 ETH ($13.06 million) from address "0x76A." Analysts warn that such large-scale capital movements in a short timeframe often signal impending sell-offs, which can increase market volatility and raise the risk of further liquidations.
Market reaction is mixed. Some traders view the sustained selling as a bearish signal for Ethereum's near-term price action, potentially capping upside momentum as the asset consolidates near key technical levels. Others interpret it as routine profit-taking by long-term holders after a multi-year rally, a common occurrence during market consolidation phases that does not necessarily indicate broader capitulation.
Going forward, whale behavior will remain a critical metric. A slowdown in these large outflows could help stabilize prices, while the broader market sentiment and institutional flows, such as those into spot Ethereum ETFs, will likely be the primary determinants of Ethereum's next major directional move.
