Ethereum Price Plummets: Which Whale Sold Thousands of ETH in Just 2 Days?

·

The Ethereum market is reeling once again as the price of ETH tumbles amid growing concerns over whale activity and macro-level sentiment in the crypto space. A significant sell-off by a major investor—commonly referred to as a "whale"—has sparked alarm among traders and analysts alike. This large-scale movement coincides with broader market weakness, raising questions about Ethereum’s near-term trajectory and investor confidence.

A Major Whale Exits Position

According to data from on-chain analytics platform Lookonchain, a long-term Ethereum holder—believed to have participated in the project’s 2014 initial coin offering (ICO)—offloaded a staggering 19,000 ETH over the past two days. At current market prices, this amounts to approximately $47.5 million in value.

This isn’t an isolated transaction. Just before this latest dump, the same whale transferred 12,000 ETH (worth around $31.6 million) to Kraken, one of the largest U.S.-based cryptocurrency exchanges. These movements strongly suggest an intention to liquidate holdings, either for profit-taking or risk mitigation.

👉 Discover how smart money moves can signal major market shifts before they happen.

Such actions are particularly impactful because early investors like this whale are often seen as strong hands—holders who believe in the long-term vision of Ethereum. When these entities begin selling, it can trigger panic or hesitation among retail investors.

Ethereum Price Dips Amid Broader Market Pullback

The timing of this sell-off is critical. Ethereum’s price has been under pressure since early October 2025, slipping from around $2,650** to **$2,365—a drop of nearly 4.6% in just 24 hours. This decline outpaces the broader cryptocurrency market, which saw an average drop of only 2.6% during the same period.

Several factors contribute to this downward momentum:

Additionally, the ETH/BTC trading pair has hit its weakest level since April 2021, dropping to 0.039 BTC per ETH. This indicates that not only is ETH losing value against fiat currencies, but it's also weakening relative to Bitcoin—the traditional benchmark of crypto strength.

Vitalik Buterin’s Recent Activity Raises Eyebrows

Adding fuel to the fire, Ethereum co-founder Vitalik Buterin recently moved 1,300 ETH over a 12-day period, sending portions of it to Paxos, a regulated blockchain infrastructure provider. While the exact purpose of these transfers remains unclear, they have fueled speculation across social media and crypto forums.

Some interpret this as a sign of Buterin diversifying his holdings or supporting regulatory-compliant platforms. Others worry it reflects reduced confidence in short-term ETH performance amid ongoing network upgrades and market uncertainty.

While Buterin has not publicly commented on the transactions, his influence on market sentiment is undeniable. As one of the most recognizable figures in blockchain technology, even neutral financial decisions by him can be perceived as bearish signals.

Expert Opinions: Is Ethereum Losing Its Edge?

Charles Hoskinson, co-founder of Cardano and an original member of the Ethereum team, weighed in on the situation. In a recent interview, he questioned Ethereum’s long-term sustainability if it remains overly reliant on key individuals like Vitalik Buterin.

“Any decentralized system should not depend too heavily on one person,” Hoskinson stated. “The real test for Ethereum will come when leaders step back—will the ecosystem continue innovating without them?”

His remarks touch on a deeper debate within the crypto community: whether Ethereum has truly achieved decentralization or if its governance and innovation remain too centralized around a few core developers.

👉 See how top traders analyze whale movements to predict price reversals.

Frequently Asked Questions (FAQ)

Q: Who is considered a "whale" in the cryptocurrency market?
A: A whale refers to an individual or entity holding a large amount of cryptocurrency—typically enough to influence market prices through their trading activity. In Ethereum’s case, wallets holding more than 10,000 ETH are often classified as whales.

Q: Does a whale selling always mean the price will keep falling?
A: Not necessarily. While large sell-offs can trigger short-term dips, they don’t always indicate long-term bearish trends. Sometimes whales rebalance portfolios or move funds between wallets without selling. Context matters—on-chain analysis helps distinguish between transfers and actual sales.

Q: What does the ETH/BTC ratio tell us?
A: The ETH/BTC ratio shows how much Ethereum is worth in terms of Bitcoin. A declining ratio means ETH is underperforming BTC, often signaling weaker investor appetite for altcoins compared to Bitcoin.

Q: Could Vitalik Buterin’s ETH transfers affect network security?
A: No. Buterin’s personal holdings do not impact Ethereum’s protocol security or validator set. His influence is primarily ideological and developmental rather than operational.

Q: Is this sell-off a sign that Ethereum is failing?
A: Not at all. Market corrections and profit-taking by early investors are normal in any maturing asset class. Ethereum continues to lead in smart contract adoption, DeFi TVL (Total Value Locked), and NFT activity—key metrics that reflect underlying strength.

What’s Next for Ethereum?

Despite recent volatility, fundamental indicators remain positive:

However, short-term pressure may persist if whale outflows continue or if macroeconomic conditions worsen. Traders should monitor key support levels near $2,300, while watching on-chain metrics like exchange inflows and active addresses.

👉 Stay ahead with real-time whale alert tools and advanced charting features.

Core Keywords

The current dip presents both risks and opportunities. For long-term believers, price drops may offer entry points. For cautious investors, monitoring whale behavior provides crucial insight into market psychology.

As always in crypto, information is power—and understanding who's moving what, and when, could make all the difference.