Ethereum Whale “7 Siblings” Sells $88M amid Profit Surge

Akash Kumar
  • 3 min read
Ethereum Whale “7 Siblings” Sells $88M amid Profit Surge

Ethereum’s market saw a big change when the mysterious whale group “7 Siblings” sold $88.2 million in ETH in just 15 hours. Even though they sold a lot, the group still has about 1.21 million ETH, which is worth $5.6 billion. This makes them one of the most powerful groups in the digital asset space.

Whale Moves Trigger Profit-Taking Waves 

Blockchain analytics platform Lookonchain said that “7 Siblings” sold 19,461 ETH at an average price of $4,532, which was a smart move to take advantage of the recent bullish momentum. The group bought more than 103,543 ETH for $229.7 million this year, with an average price of $2,219. This included a big $42.2 million purchase at $1,700 per token. Their transactions go across many wallets and often include large deposits into platforms like Aave v3. This suggests that they are good at managing their assets and want to keep their identity secret.

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As pressure to take profits rises throughout the Ethereum market, this whale’s high-profile sell-off comes at a bad time. Glassnode’s on-chain data shows that short-term holders are making an average of $553 million in realized profits every day, which is more than long-term investors, who aren’t doing much. Even though the price of ETH has gone up 43% in the last month and is now trading at around $4,600, profit-taking levels are still 39% lower than the peak in July when prices were around $3,500.

The Ethereum Foundation sold 2,795 ETH (worth $12.7 million) in two transactions, which added to the momentum on the sell side. Still, well-known analysts like BitMEX co-founder Arthur Hayes are optimistic, saying that the market will bounce back strongly once the current selling pressure eases.

Looking Ahead 

Ethereum is still getting a lot of attention from both big investors and small ones. The actions of groups like “7 Siblings” are a good way to gauge how the market as a whole feels. Some experts say that if Bitcoin hits $150,000, ETH could go up past $8,500. They base this on past trends that show Ethereum’s market cap has been between 21.7% and 35% of Bitcoin’s. There is still a lot of volatility in the market because of big whale movements, institutional participation, and strong ETF inflows. This also shows that Ethereum is in a strong position in the market as investors try to balance making money with their long-term growth expectations.

Ethereum’s ecosystem is still changing, and every big transaction, especially from the biggest holders, affects how prices move and how investors act in the future. The market is keeping a close eye on whether other whales will follow “7 Siblings” and take their profits or wait for more gains.

Read also: Standard Chartered Ups Ethereum Target to $7,500

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