An unidentified Ethereum whale has completed the sale of 167,855 ETH, worth approximately $408 million, after transferring the entire stash to cryptocurrency exchanges between Aug. 30 and Sept. 4. Despite the enormous sell-off, Ether has remained relatively resilient, supported by strong market demand and substantial institutional ETF inflows.
- The whale moved 167,855 ETH worth about $408 million to multiple exchanges.
- Transfers occurred between Aug. 30 and Sept. 4 in several large batches.
- Ether remained above the initial transfer levels despite the selling pressure.
- US spot Ether ETFs attracted $141 million on Sept. 3.
- The whale’s average selling price was estimated at roughly $2,430 per ETH.
Whale Completes $408M Ethereum Exit
Blockchain analytics firm Lookonchain first identified the large-scale movement after an unknown wallet accumulated approximately 167,855 ETH from multiple addresses.
The whale subsequently began sending the holdings to exchanges in batches ranging from roughly 1,000 to 5,000 ETH.
On Sept. 1, approximately 70,739 ETH, valued at around $174 million at the time, had already been deposited while more than 97,000 ETH remained in the wallet.
The following day, the cumulative deposits increased to approximately 103,252 ETH, worth about $253 million, leaving roughly 64,600 ETH still under the whale’s control.
The final transfer completed the exit, with the entire 167,855 ETH eventually routed to exchanges.
The exact exchanges receiving the funds have not been publicly identified.
Ethereum Absorbs the Selling Pressure
A $408 million sale from a single wallet would normally represent significant potential selling pressure.
Yet Ethereum’s market has so far absorbed the supply without a major breakdown.
Ether was trading around $2,520 during part of Friday’s session, roughly 5.2% higher over 24 hours, before later retreating toward approximately $2,453 amid a broader cryptocurrency market sell-off.
The whale’s initial deposits occurred when ETH was trading around $2,430, meaning the market has remained above the approximate level at which the large-scale selling began.
The whale’s estimated average exit price also comes to roughly $2,430 per ETH, suggesting that the market absorbed more than $400 million in potential supply without immediately reversing the broader recovery.
ETF Demand Helps Offset Whale Selling
Institutional demand provided another source of buying pressure during the whale’s exit.
US spot Ether ETFs recorded approximately $141 million in net inflows on Sept. 3, with BlackRock’s ETHA leading the inflows at around $72 million.
Bitcoin ETFs attracted an even larger $731 million on the same day as Bitcoin briefly reclaimed the $82,000 level.
The simultaneous inflows suggest that institutional demand may have helped absorb some of the ETH supply being introduced by large holders.
Ethereum had also delivered a strong late-August rally. Fidelity Digital Assets reported that Ether gained approximately 34.1% during one late-August week, outperforming Bitcoin’s roughly 25% advance over the same period.
The Whale’s Position Was Large but Manageable
At a market capitalization of approximately $307 billion, the whale’s 167,855 ETH represented only around 0.13% of Ethereum’s total market value.
That percentage appears small at the market-wide level, but the impact can become much greater when hundreds of millions of dollars worth of assets are introduced into exchanges over a short period.
Large deposits can increase available sell-side liquidity and potentially pressure prices if buyers cannot absorb the additional supply.
In this case, however, Ethereum’s market has so far demonstrated considerable resilience.
The price remained above the level at which the whale began distributing its holdings, even after the entire position was reportedly moved to exchanges.
Other Large ETH Holders Have Also Sold
The whale’s exit comes shortly after several other significant Ethereum transactions.
On Aug. 21, the “7 Siblings” wallet cluster sold approximately 14,000 ETH for $32.85 million.
Around the same period, wallet 0xFD10 sold 11,252 staked ETH along with another 1,824 ETH. Combined, those transactions represented approximately $63 million in ETH sales.
Those earlier sales occurred while Ether was trading near $2,350.
The latest $408 million transaction therefore adds another major source of potential supply to the market at a time when Ethereum has already experienced substantial price appreciation.
Ethereum Faces a Key Test After the Whale Exit
The market’s response to the whale’s selling is significant because it demonstrates that large holders can distribute substantial quantities of ETH without necessarily triggering an immediate collapse.
However, the absence of a sharp reaction does not mean the selling pressure has disappeared.
If the deposited ETH remains available on exchanges, additional selling could emerge if market momentum weakens. Conversely, continued ETF inflows and strong spot demand could absorb the supply and allow Ethereum to maintain its recovery.
As of Sept. 4, Ether was trading around $2,453 following a broader Bitcoin and cryptocurrency market pullback.
The key question now is whether Ethereum can maintain its upward structure after absorbing one of the year’s largest single-wallet exits. So far, the market’s answer has been surprisingly resilient: $408 million in whale selling has not been enough to derail ETH’s recovery.
