Ethereum Whales Unload $53M ETH When Price Surged Above $2,600

• Two Ethereum whales sold a combined 20,610 ETH, totaling over $53 million, amid Ethereum’s recent price surge.
• The largest creditor in the Genesis Trading bankruptcy transferred 12,100 ETH.
• An Ethereum ICO participant moved 8,400 ETH to the Kraken exchange.

Two large Ethereum whales offloaded a combined 20,610 ETH, worth roughly $53.6 million, over the past few days, according to Spot On Chain data. This move, which involved multiple transactions, drew attention because it coincided with Ethereum’s latest price rally, which saw a 12% increase in recent weeks.

The largest creditor in the Genesis Trading bankruptcy, wallet address 0x999, sent 12,100 ETH, worth about $31.45 million, to FalconX in the last 24 hours. This sale follows a larger payout on August 2, when the wallet received 114,502 ETH ($358.19 million) as part of the Genesis Trading bankruptcy distribution. The wallet still holds 155,000 ETH.

Spot On Chain’s chart analysis revealed that wallet 0x999 began liquidating its holdings on September 23, moving 12,100 ETH over three days.

Ethereum ICO Whale Also Moves Millions

Another Ethereum whale, wallet 0xb8c, an early participant in Ethereum’s ICO, has also been active. This wallet sent 8,400 ETH, worth $22.15 million, to Kraken after three months of inactivity. The wallet still holds approximately 130,000 ETH across eight addresses.

Analysis shows that 0xb8c has moved smaller amounts, sending 3,500 ETH and 10 ETH in the past nine hours. These transactions closely mirror the movements of wallet 0x999, suggesting possible coordination or parallel selling activity.

The combined $53 million ETH sale by these two wallets has sparked concerns. These substantial outflows could increase selling pressure, potentially causing short-term price volatility.
Despite these movements, Ethereum has continued its upward trend, trading at $2,636 as of this writing, reflecting a 12% gain over the past two weeks.