An investor dumped Ethereum ETH/USD tokens at a loss on Sunday as the second-largest cryptocurrency capped off the week with double-digit negative returns.
What happened: A prominent whale, which controlled three wallets, swapped 10,070 Ether for 33 million in stablecoin Dai DAI/USD, losing a million in the sale, according to Lookonchain.
The investor withdrew 24,029 Ether for a little over $81 million from cryptocurrency exchange Binance three weeks ago. After the latest sale, the investor was left with a bag of 13,959 ETH, worth $45.48 million.
However, the bearish sentiment wasn’t limited to any single entity. According to blockchain analytics firm IntoTheBlock, net inflows to exchanges spiked 791% to $338 million in the last 24 hours, suggesting that more ETH was entering than leaving exchanges, presumably to be sold off.
Large transactions, valued at $100,000, also jumped by over 70%, implying greater engagement by whales.
See Also: US Government Silk Road Bitcoin Holdings Drop To 0 Amid Report DOJ Approved To Sell $6.5 Billion Worth Of Crypto
Why It Matters: The second-largest cryptocurrency was in the middle of a corrective phase that has eroded over 11% of its value in a week.
The coin’s momentum indicators painted a bearish picture. The Moving Average Convergence Divergence indicator, which compares a stock's short-term price to its long-term price, flashed a ‘Sell’ signal, according to TradingView. The Relative Strength Index, used to measure if the asset is overbought or oversold, was in the “Neutral” zone.
However, derivatives traders were confident of a recovery. More than 82% of all traders on Binance with an active contract were long on Ethereum, according to the Long/Short Ratio.
Price Action: At the time of writing, Ethereum was exchanging hands at $3,250.93, down 0.92% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was down 2.86%, compared to a 46% upside in 2024.
Read Next:
Photo courtesy: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
