Ethereum Whale Exits $408M Position, Market Absorbs Selling Pressure
A massive Ethereum whale has exited its position of 167,855 ETH worth $408 million over five days, yet the market seems unfazed. The entity had been steadily depositing funds to exchanges since September 1st, with Lookonchain tracking the transfer of 70,739 ETH valued at around $174 million in the first two days.
The whale's full exit was completed on September 4th, with exchange deposits reaching approximately $253 million. Despite this significant selling pressure, Ethereum rebounded over 4% on the day after dipping below $2,400, reaching an intraday high of $2,530 and trading above $2,500.
The market's resilience can be attributed in part to rising demand for Ethereum, with spot ETFs taking in $1.85 billion in August and larger wallets accumulating ETH. This broader support helped absorb the concentrated burst of supply without pushing Ethereum below its recent lows.