Mystery Whale Dumps 167k ETH Without Crashing Ether Price

The Ethereum price held firm despite the sale of 167,855 ETH by a mystery whale over the past five days. The wallet received the tokens on September 1 and deposited 70,739 ETH worth around $174 million into exchanges while holding onto 97,115 ETH.

Onchain sleuths tracked the whale's movements, noting that the transfers arrived in batches of 1,000 to 5,000 ETH with ether trading near $2,430. The running total ballooned up to 103,252 ETH or $253 million by September 2.

The final update came earlier today when Lookonchain revealed that the whale had gotten rid of the entire stash, sending the tokens to different exchanges. However, it remains unclear which platforms received the massive haul.

Despite the significant sale, the Ethereum price climbed through it, trading near $2,520 on Friday with a market capitalization of around $307 billion. This is above the roughly $2,430 level at which the first deposits landed.