Ethereum Whale Sells 8,500 ETH, Sparks Market Uncertainty

• Ethereum’s price dropped 4.46%, reaching $2,708 after an 8,500 ETH sale on February 7.

• Whale activity led to a 10% rise in ETH-DAI trading volume, peaking at 150 million DAI.

• Ethereum whale holdings increased to $313.5 billion despite selling pressure, signaling market recovery.

The crypto market saw turbulent fluctuations on Friday, leaving investors cautious. Bitcoin (BTC) remained steady at around $97K, while Ethereum (ETH), XRP, and Solana (SOL) experienced significant volatility. Ethereum endured a rough session, dipping 4.46% to $2,708 within 24 hours. Its intraday low and high were $2,662.45 and $2,857.14, respectively.

On-chain data from Lookonchain revealed that a whale sold 8,500 ETH for 22.25 million DAI at an average price of $2,736 on February 7, 2025. The move underscored potential risk aversion among major investors. Simultaneously, another whale systematically converted 0.5 ETH into DAI in multiple CoW Swap transactions, hinting at algorithmic or strategic portfolio adjustments.

In the 24 hours preceding the sale, ETH trading volume against DAI on decentralized exchanges surged to 150 million DAI, a 10% rise from the prior day. The surge in volume signaled increased market activity, likely contributing to the volatility in ETH’s price. Before the sale, ETH had been trading around $2,750, likely affecting the subsequent price decline.

Ethereum Whale Reserves Surge Amid Market Confidence

ETH’s price dropped 1.2% to $2,705 within 15 minutes. This quick movement reflects the impact of large transactions on market liquidity. On Uniswap, the ETH/DAI pair saw a notable increase in trading volume, with an additional 5 million DAI transacted the hour after the whale’s sale. This suggests a reaction from other traders, either mimicking the move or trying to exploit the price dip.

Despite selling pressure, Ethereum whale holdings experienced notable shifts. From a peak of $379.36 billion during a market crash, whale ETH reserves plunged to $285.81 billion. However, in the last three days, holdings rebounded sharply to $313.5 billion, signaling renewed confidence among major investors.

Ethereum Whale Sells 8,500 ETH, Sparks Market Uncertainty 3

Additionally, holdings between $1 million and $10 million surged from $27.41 billion to $29.6 billion since the downturn. This accumulation suggests that large investors anticipate a market recovery, with Ethereum poised for a potential bullish breakout in the coming weeks as confidence strengthens across the board.

Traders closely monitor price action as ETH battles between bearish dominance and bullish revival. A decisive move in either direction will set the tone for Ethereum’s trajectory in the near term, determining whether the asset can sustain upward momentum or face another pullback.

Read More: Ethereum Price Sets Its Sights on Higher Levels: Can Bulls Maintain Momentum?