Ethereum Whale Sells $17M in ETH Amid Market Slump

An Ethereum whale wallet, dormant since 2016, has suddenly come to life—selling nearly $17 million worth of ETH at around $1,600 per token, according to Lookonchain. The address originally received its ETH when the altcoin was trading at just $8, making this sale highly profitable despite the asset’s sharp decline from its $4,000 peak.

The timing has sparked speculation, as this Ethereum OG refrained from cashing out during previous bull markets. Historically, this address has made moves during major market corrections, and the latest sale aligns with mounting bearish sentiment surrounding Ethereum.

Ether recently hit a multiyear low against Bitcoin, dropping to 0.01855 BTC on Binance. ETH/BTC is down 45% in 2025 alone, after losses of 34% in 2024 and 25% in 2023. The weakening ETH/BTC pair underscores the altcoin’s ongoing underperformance in the crypto market.

Investor confidence in Ethereum has been further shaken by the success of inverse ETFs. One ETF, designed to deliver 2x the opposite performance of ETH, is up nearly 250% in 2025—making it the best-performing ETF of the year, according to Bloomberg. Another bearish ETH ETF ranks second, highlighting the dominant downtrend.

Despite the gloom, ETH has seen a recent 10% rebound, climbing to $1,621 after the U.S. paused tariffs on most nations, boosting risk-on sentiment. Still, it remains uncertain whether this macro-driven uptick will lead to a sustainable recovery for Ether.

With major whales exiting and bearish bets dominating, Ethereum’s future trajectory remains under pressure. The recent capitulation by a long-term holder signals caution, even as the market attempts a short-term rebound.