Ethereum Whales Take Profits In Millions Amid Market Weakness

Ethereum(ETH) whales are cashing out profits from the market as the token shows signs of weakness. In a tweet on X, On-chain tracker LookOnChain reported that whale address with the tag “0x3e38” deposited 7,500 ETH, worth $32.33 million, into Binance just an hour ago. 

From July 20 to August 12, the same whale had withdrawn 15,202 ETH, valued at $58.8 million, at an average price of $3,869. 

Earlier this summer, between July 20 and August 12, the same whale had pulled 15,202 ETH, worth $58.8 million, out of Binance at an average price of $3,869. Even after today’s transfer, the wallet still holds 7,702 ETH, valued at $33 million, and is sitting on about $6.7 million in profit.

In addition to that, LookOnChain also noticed another whale moving 2,585 ETH to Binance yesterday. This only suggests that they are taking out gains, which could further cause a downtrend in the market if the withdrawers continue in volume.

Meanwhile, this is coinciding with the drops from U.S. spot Ether exchange-traded funds, or ETFs. According to SoSoValue, the product had $135 million in outflow on Sept 2. 

This is the second second consecutive day of redemptions after weeks of strong inflows. By contrast, Bitcoin ETFs drew more than $300 million on the same day. In short, it seems demand is shifting towards Bitcoin.

Moreover, seasonal trends are also at play. The month of September is one money that is often weak for cryptocurrencies. Traders often call it “Red September” because the month has a history of delivering negative returns.

For more than ten years, Bitcoin has averaged nearly 4 percent losses during this month, and Ethereum usually follows the same path. The pattern is often linked to investors taking profits after summer highs, and also less trading volumes in early autumn.

Also Read: Ethereum Foundation Plans to Sell 10,000 ETH for Grants and R&D