Ethereum Price Soars as '7 Siblings' Unloads $62M in ETH

A large Ethereum wallet called '7 Siblings' has sold nearly $62.47 million in ETH over the past week, according to on-chain trackers.

The entity built its position around August 21 and bought weakness before the recent price move.

Despite selling off millions, '7 Siblings' still holds more than $768 million in coins.

Matrixport-linked whale closed out 40,000 long positions worth approximately $100.5 million, locking in a profit of around $9.9 million, but still holds significant exposure.

A public debate has broken out over Coinbase's holdings and whether it deserves criticism for selling its Ethereum reserves.