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A significant Ethereum whale, known as "7 Siblings," has recently sold approximately $88.2 million worth of Ether (ETH) over a 15-hour period. This move comes as the cryptocurrency market experiences renewed profit-taking pressure, particularly from short-term holders. Despite this sale, the whale collective still holds a substantial amount of ETH, valued at around $5.6 billion.
"7 Siblings" Dumps Millions in Ether
The mysterious "7 Siblings" collective, which holds an estimated 1.21 million ETH, offloaded 19,461 ETH at an average price of $4,532. Blockchain analytics platform Lookonchain reported that these transactions occurred over a 15-hour window. The whale group had previously acquired a significant amount of ETH between February 3 and April 7, purchasing 103,543 ETH for $229.7 million at an average price of $2,219.
Transaction records indicate that the whale's activity is spread across multiple wallets, suggesting a strategic approach to managing its large holdings. A notable portion of the sold ETH was deposited into Aave v3, a popular lending and borrowing platform.
Market Dynamics and Profit-Taking
Ethereum is currently facing increased selling pressure, with short-term holders actively realizing gains. Glassnode reported that these investors are generating around $553 million in daily profits. In contrast, long-term holders have remained largely inactive, with their profit-taking levels significantly lower than those seen in December.
Despite a 43% increase in ETH's price over the past month, current profit-taking levels are still 39% below the peak observed last month when prices hovered near $3,500.
Other Notable Transactions and Market Sentiment
In addition to the "7 Siblings" sale, the Ethereum Foundation also sold 2,795 ETH, valued at approximately $12.7 million, as prices reached yearly highs. These sales reduced the foundation's holdings to a minimal amount.
Despite the profit-taking trend, some prominent figures remain bullish on Ethereum. Arthur Hayes, co-founder of BitMEX, recently repurchased Ethereum after selling a portion of his holdings when the price was lower. Furthermore, crypto trader Yashasedu has projected that ETH could reach $8,500 if Bitcoin hits $150,000, based on historical bull market trends where Ethereum's market capitalization has reached 30-35% of Bitcoin's.
Key Takeaways:
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"7 Siblings" whale sold $88.2 million in ETH.
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The whale still holds approximately $5.6 billion in ETH.
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Short-term ETH holders are driving profit-taking.
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The Ethereum Foundation also conducted a minor ETH sale.
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Bullish sentiment persists, with price predictions tied to Bitcoin's performance.
Sources
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Whale holding $5.6B in ETH is selling, dumps $88M in 15 hours — TradingView News, TradingView.
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Ethereum Whale ‘7 Siblings’ Sells $88M, Still Holds $5.6B in ETH, Cointelegraph.
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