Two dormant Ethereum whales have sold over $6 million in ETH after years of inactivity, triggering market attention.
The largest whale, an Ethereum ICO participant, transferred and sold 2,000 ETH through Binance over the past few days.
Ethereum ETFs faced $10 million in daily outflows, with the Fidelity Ethereum Fund experiencing the largest withdrawal.
Two large Ethereum wallets, previously inactive for years, have returned to activity and sold substantial amounts of ETH. According to data shared by Lookonchain, these reactivated accounts belong to early Ethereum holders, including one investor from the initial coin offering in 2014.
The wallet linked to the Ethereum ICO sent its full balance of 2,000 ETH to Binance. The move came after nearly a decade of inactivity. The whale reportedly sold the entire amount for around $5.13 million over several days. This action marks a rare return from one of Ethereum’s earliest participants and highlights renewed movement among long-term holders.
Another Whale Sells 500 ETH After Two Years
A separate wallet, dormant for approximately two years, resumed activity by first sending a small test transaction of 1 ETH. Following that, it transferred 500 ETH for sale, totaling roughly $1.29 million. Data also reveals that in 2023, the same whale sold batches of 2,286 ETH and 1,500 ETH. Those earlier sales were valued at $4.32 million and $2.83 million, respectively.
https://twitter.com/lookonchain/status/1934774880383455501
While these whales were liquidating their holdings, Ethereum exchange-traded funds suffered a significant blow. On June 16, spot ETH ETFs recorded outflows amounting to $10 million in a single day. The Fidelity Ethereum Fund ETF saw the largest withdrawal of 3,496 ETH, worth over $9 million.
Broader Impact on the Ethereum Market
Invesco Galaxy experienced a smaller outflow of 172 ETH, while the Grayscale Ethereum Trust and its mini version lost 78 ETH and 2 ETH, respectively. No inflows were recorded across the remaining ETFs. Although the daily net flow was negative, the weekly net flow remained positive at 191,057 ETH.
These events coincided with Ethereum’s volatile price movement. ETH surged 6.65 percent to cross $2,680 on Sunday before falling more than 5% on Monday. As of the latest data, Ethereum is trading around $2,580.
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