• Ethereum whales sold 60,000 ETH valued at more than $200M after the price dropped to a weekly low.
• At the same time, positive netflows to exchanges have spiked to a weekly high. 

Ethereum [ETH] was trading at a weekly low of $3,683, at press time, after an over 4% drop in 24 hours. While this dip brings Ethereum’s seven-day losses to 6%, the largest altcoin still sits on a 17% monthly gain. 

The recent dip brought the total ETH liquidations to $124M, whereby $108M were long liquidations. As long buyers rushed to close their positions, Ethereum whales also reduced their holdings significantly.

Ethereum whales move $200M ETH 

Data from IntoTheBlock shows on the 18th of December 18, Ethereum whales holding between 1,000 and 10,000 ETH saw their holdings drop from 13.47M to $13.41M. This indicates that these addresses sold 60,000 ETH valued at more than $200M. 

As AMBCrypto reported, ETH whales account for 57% of the altcoins supply. Therefore, if this cohort is reducing its holdings, it could have a negative impact on the price by increasing the sell-side pressure. 

Surge in exchange inflows 

The rising selling activity is further reflected in a spike in inflows to spot exchanges after positive netflows to exchanges surged to the highest level in a week. 

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Author: Muthoni Mary

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