Massive ETH Whale Makes Shocking U-Turn, Dumps 14,240 ETH as BTC Skyrockets

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In a surprising move, a major Ethereum (ETH) whale recently sold 14,240 ETH worth nearly $37 million at a significant loss of $12.8 million. This transaction occurred as Bitcoin (BTC) reached a new all-time high (ATH), but Ethereum remains nearly 47% below its own ATH. This sudden sell-off has caught the attention of the market, as it contrasts with the general bullish sentiment following Bitcoin’s recent gains.

While Bitcoin's surge to its ATH has brought renewed optimism to the crypto market, Ethereum's price has not mirrored this upward trend to the same extent.

According to Lookonchain which highlighted the development, the whale bought 14,233 ETH from Binance at a high price of $3,502 between May 29 and Sept. 30, spending around $49.8 million in total. However, with Ethereum’s price currently well below that level, the whale’s sell-off has resulted in a realized loss of $12.8 million.

On the other side of the divide, Bitcoin whales appear to be accumulating. Lookonchain reported that 11 new wallets withdrew 1,807 BTC worth $132 million from Binance in recent hours.

Another Bitcoin whale, according to Lookonchain, is currently long on BTC again via recursive borrowing. The whale has reportedly borrowed $27 million from Aave to buy 366.31 WBTC at an average price of $73,708.

Meanwhile, a BTC whale is counting its losses after being liquidated for $74.98 million after shorting BTC.

Ethereum price presents silver lining

Bitcoin recovered overnight, reaching an all-time high. The largest digital asset climbed by as much as 10%, reaching $75,410. Though it had lost some of these gains, it was last up 8% at $74,293.

Ethereum likewise surged from lows of $2,420 to $2,643, printing a massive green candle in today's trading session. At the time of writing, ETH was up 7.63% in the last 24 hours to $2,633 but down 46.23% from its all-time high of $4,891 reached on Nov. 16, 2021.

According to IntoTheBlock data, 64% of Ethereum addresses remain in profit. However, this scenario presents a silver lining as Ethereum sits just above critical on-chain support levels, which may act as a buffer against further downside pressure.