Ethereum Whale Exits $408M Position, Market Rebounds Above $2,500
An Ethereum whale has exited its position by selling $408 million worth of ETH over a five-day period. The whale, who had received a substantial transfer in early September, distributed hundreds of millions worth of ETH across several centralized exchanges before completing the full sale. This move did not significantly impact the market, as ETH rebounded from previous lows near $2,400 and returned to levels above $2,500.
According to blockchain data provider Arkham, clients of the Invesco Ethereum ETF have been holding their net position since March 19, adding around $167 million worth of ETH to their portfolios. This accumulation trend underscores divergent strategies among large players, with institutional investors maintaining or expanding their exposure even as some individual holders exit the market.
The incident involving Notional Finance, an Ethereum-based decentralized lending platform, is currently under investigation. A suspected exploit resulted in the unauthorized transfer of approximately $1.7 million in stablecoins DAI and USDC, which was then converted into 689.2 ETH before being channeled through Tornado Cash.