Ethereum Whale Sells Over 109k Coins in Three Days, Fueling Market Fears

A significant Ethereum whale has transferred a total of 109,806 ETH to major exchanges over the past three days, according to blockchain analytics firm EmberCN. This move follows an initial deposit of 154,300 ETH to exchanges on Aug. 31.

The wallet in question currently holds 58,048 ETH, bringing the estimated total sell volume to 167,864 ETH, valued at approximately $406 million. The whale's activity has drawn attention due to the sheer size of the transfers, which have been distributed across multiple exchanges over a short period.

Data from EmberCN indicates that the whale initially acquired the ETH at an average price of $1,700 about two years ago. If the entire amount is sold at current prices, the whale could realize a profit of around $122 million.