Ethereum Whale Moves $159M in ETH as Market Turns Bearish

A massive Ethereum transfer worth $159 million has sparked speculation in the crypto community. On June 5th, blockchain tracker Whale Alert reported that 61,966 ETH were moved in a single transaction while Ethereum was trading at $2,579.08. The tokens were sent from an anonymous address, “0x0b26C,” which has been actively moving large amounts of ETH in recent days. The receiving wallet, “0x35365,” has no known ties to any exchange or institution and recorded this as its first major transaction.

This sudden and sizable movement has fueled concerns about a potential sell-off, especially given the broader market downturn. Ethereum’s price has declined by 3.27% in the last 24 hours, falling to $2,539 at press time. The transfer occurred during heightened market volatility, which has also seen Bitcoin and other top cryptocurrencies trending lower.

Despite the price drop, Ethereum’s trading volume has increased by 6.59% over the same period, according to CoinMarketCap. This divergence between volume and price typically indicates selling pressure outweighing buying interest, a bearish signal in technical analysis.

The timing and nature of the transfer—between unknown wallets and during a market slump—have led analysts and traders on social media platform X to speculate whether an institutional player is preparing to offload ETH holdings. While no conclusive evidence confirms this theory, the transaction’s scale and context suggest caution among investors.

As the market awaits further clarity, the ETH price action will likely remain under scrutiny. This episode underscores the importance of on-chain data in understanding market sentiment and potential price movements in the cryptocurrency sector.