Ethereum Whale Unloads $408 Million in ETH Amid Price Surge

The Ethereum price has surged past $2,500 as of press time, increasing by over 4% daily. Its market cap has risen to well over $300 billion, but this has provided some investors with a selling opportunity.

A major Ethereum whale has been unloading their ETH tokens for days, starting at the beginning of the month when they received $408 million worth of the altcoin. They transferred $174 million to exchanges and continued depositing funds in subsequent days, including another large transfer of $253 million to multiple trading platforms.

The whale's selling spree reached its peak with a sale of all 167,855 tokens ($408 million) in just five days. This substantial sell-off has not hindered the underlying asset, which rebounded quickly from its dip below $2,400 and now sits above $2,500.