Ethereum Whale Offloads $33 Million In ETH At A Loss As Crypto Sinks 11% In A Week — This Is What Indicators Suggest - Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest (ARCA:ETH)

An investor dumped Ethereum ETH/USD tokens at a loss on Sunday as the second-largest cryptocurrency capped off the week with double-digit negative returns.

What happened: A prominent whale, which controlled three wallets, swapped 10,070 Ether for 33 million in stablecoin Dai DAI/USD, losing a million in the sale, according to Lookonchain.

The investor withdrew 24,029 Ether for a little over $81 million from cryptocurrency exchange Binance three weeks ago. After the latest sale, the investor was left with a bag of 13,959 ETH, worth $45.48 million.

Whales are dumping $ETH at a loss!

9 hours ago, 3 wallets(likely belonging to the same whale) sold 10,070 $ETH for 33M $DAI at $3,280, losing $1M.

This whale withdrew 24,029 $ETH($81.3m) from #Binance via 10 new wallets 3 weeks ago and currently holds 13,959 $ETH($45.48M).… pic.twitter.com/5lqFegRu3i
— Lookonchain (@lookonchain) January 13, 2025

However, the bearish sentiment wasn’t limited to any single entity. According to blockchain analytics firm IntoTheBlock, net inflows to exchanges spiked 791% to $338 million in the last 24 hours, suggesting that more ETH was entering than leaving exchanges, presumably to be sold off.

Large transactions, valued at $100,000, also jumped by over 70%, implying greater engagement by whales.

Why It Matters: The second-largest cryptocurrency was in the middle of a corrective phase that has eroded over 11% of its value in a week.

The coin’s momentum indicators painted a bearish picture. The Moving Average Convergence Divergence indicator, which compares a stock's short-term price to its long-term price, flashed a ‘Sell’ signal, according to TradingView. The Relative Strength Index, used to measure if the asset is overbought or oversold, was in the “Neutral” zone.

However, derivatives traders were confident of a recovery. More than 82% of all traders on Binance with an active contract were long on Ethereum, according to the Long/Short Ratio.

Price Action: At the time of writing, Ethereum was exchanging hands at $3,250.93, down 0.92% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was down 2.86%, compared to a 46% upside in 2024.

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