ETH Whale Sells 14,240 ETH as Bitcoin Reaches New Heights – What This Means for the Market

In a stunning turn of events, a major Ethereum (ETH) whale has dumped 14,240 ETH, equivalent to nearly $37 million, incurring a staggering loss of $12.8 million. This massive sell-off occurred during a period when Bitcoin (BTC) was hitting new all-time highs, leaving Ethereum nearly 47% below its ATH.

Bitcoin's Surge and Ethereum's Struggles

While Bitcoin's recent surge has sparked optimism across the crypto landscape, Ethereum's price has not followed suit to the same extent. According to Lookonchain, the whale had acquired 14,233 ETH from Binance at a price of $3,502 between May 29 and Sept. 30, totaling around $49.8 million. Given Ethereum's current price, this transaction has resulted in substantial losses for the whale.

Whales Accumulate BTC

In contrast, Bitcoin whales are actively accumulating. Lookonchain reports that 11 new wallets have withdrawn 1,807 BTC, valued at $132 million, from Binance in recent hours. Additionally, another Bitcoin whale has taken a long position on BTC by borrowing $27 million from Aave to purchase 366.31 BTC at an average price of $73,708.

Ethereum's Potential Recovery

Despite the negative sentiment surrounding Ethereum, there might be a silver lining. Bitcoin recently reached an all-time high of $75,410 before settling at $74,293, marking an 8% increase. Ethereum also saw a rise, climbing from $2,420 to $2,643, reflecting a 7.63% increase in the last 24 hours. However, it remains 46.23% below its ATH of $4,891 set on Nov. 16, 2021.

According to IntoTheBlock data, 64% of Ethereum addresses are still in profit, indicating a potential for recovery as Ethereum lies just above critical on-chain support levels, which could provide a buffer against further declines.