A major Ethereum investor sold 10,070 ETH tokens worth $33 million at a loss on Sunday, amid broader market weakness that saw the cryptocurrency drop over 11% in the past week.
According to blockchain analytics platform Lookonchain, the whale investor, who controlled three separate wallets, converted their ETH holdings into the stablecoin DAI at approximately $3,280 per token, resulting in a $1 million loss on the trade.
The sale comes just three weeks after the same investor had withdrawn 24,029 ETH (valued at $81 million) from cryptocurrency exchange Binance. Following Sunday's transaction, the whale still maintains a position of 13,959 ETH, currently worth about $45.48 million.
The selling pressure wasn't isolated to this single investor. Data from IntoTheBlock reveals a dramatic 791% surge in net exchange inflows, reaching $338 million in 24 hours. This indicates more ETH moving onto exchanges than being withdrawn, typically a sign of increased selling intent.
Technical indicators suggest continued bearish momentum. The Moving Average Convergence Divergence (MACD) indicator is displaying a sell signal, while the Relative Strength Index remains in neutral territory.
However, derivatives traders appear optimistic about a potential recovery. On Binance, over 82% of active traders holding ETH contracts maintained long positions, indicating bullish sentiment despite the recent price decline.
As of the latest update, Ethereum was trading at $3,250.93, showing a 0.92% decline over 24 hours. While the cryptocurrency has dropped 2.86% since the start of the year, this follows a strong 46% gain recorded in 2024.