Ethereum Whale Dumps $17M in ETH After Dormancy, Price Slips to $1,555

An Ethereum whale wallet, inactive for nearly two years, sold approximately $17 million worth of ETH on April 10, sparking attention in the crypto market. According to on-chain data from Lookonchain's X account, the address originally received ETH in 2016 when the asset traded at just $8. The wallet holder chose to liquidate at around $1,600, bypassing Ethereum's all-time high near $4,000. This pattern of selling during market downturns rather than peaks adds intrigue to the whale’s strategy.

The timing coincides with growing bearish sentiment surrounding Ethereum. On April 9, the ETH/BTC trading pair plummeted to a multiyear low of 0.01855 BTC on Binance, underscoring Ethereum's underperformance against Bitcoin. Despite a minor relief rally, ETH/BTC remains down by 45% year-to-date, reflecting waning investor confidence.

As of the latest data from CoinMarketCap, Ethereum is trading at $1,555, marking a 1.38% decline over the past 24 hours. The transaction raises questions about broader market sentiment and whether long-term holders are starting to capitulate amid ongoing price pressure.

The significant sell-off by this Ethereum OG wallet—one that held coins through multiple bull markets—could indicate shifting expectations or risk tolerance among early adopters. While the exact motivation remains unclear, the move reinforces the perception of market instability, particularly as Ethereum struggles to regain momentum both in USD terms and against Bitcoin.

This event serves as a reminder of the influence that dormant whales can have on market dynamics and the importance of monitoring on-chain movements. With Ethereum facing strong resistance and a lack of bullish catalysts, investor sentiment remains cautious in the short term.