7 million USD ETH sell-off raid! Giant whale 7Siblings moves, is ETH going to perform a high dive?
While the market is still struggling with whether ETH can break the 3000 USD ceiling, the giant whale 7Siblings suddenly threw out a deep-water bomb worth 47 million USD of ETH, quickly transferring it to a new wallet, and has already initiated a sell-off! The subtle clues in the on-chain data hide a tide capable of overturning the ETH market; this low-profile whale had not moved large positions in the past six months, and now suddenly relocating clearly indicates that it has sensed a subtle turn in the market!
The dangerous codes exposed by on-chain data.
Through Nansen tracking, this batch of ETH comes from an old position cultivated over two years, and the whale's cost is surprisingly low at around 1800 USD, equivalent to a 40% discount on the current market price! Even more shocking is that the new wallet has initiated an ant-like migration-style sell-off of single transactions of 50-300 ETH without cost pressure, which is the most deadly strangulation. It is worth noting that before last year's LUNA crash, it was precisely this type of whale that distributed shipments in batches one month in advance!
This sell-off aims to crush three market expectations.
Short-term price strangulation: if the 47 million USD sell-off is concentrated, ETH is very likely to break through the 2900 USD bullish critical point, leading BTC and altcoins to collectively plunge, referencing the liquidity stampede during the 2022 FTX disaster, creating an emotional avalanche effect. The whale's movements act as a panic switch for the market; retail investors seeing large holders dumping will follow suit, leading to a self-fulfilling prophecy of decline. Long-term trend warning: if the whale continues to withdraw, it signals that institutions are skeptical of the short-term narrative regarding ETH, such as the Cancun upgrade and ETF expectations. After all, if one genuinely believes in it, who would exit before dawn?
I dare to assert, pay close attention to these two signals, as they will determine whether you are bottom-fishing or fleeing for your life!
Giant whale sell-off ≠ market death! If the sell-off is dispersed with a daily selling volume of < 1000 ETH, the market has the ability to digest it, referencing the giant whale sell-off of BTC this April where the market instead built a bottom and rebounded. However, if the derivatives market shows simultaneous anomalies, such as the ETH perpetual contract Funding Rate remaining negative and a surge in open interest, it signals a short squeeze!
The cruelty of the crypto world lies in the fact that when the giant whale is eating meat, you cannot see it, but when the knife comes, you cannot escape!
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