A notable consortium of Ethereum investors, referred to as the “7 Siblings”, has sold approximately 19,461 ETH, equating to around US$88.2 million (AU$135 million) in a swift 15-hour timeframe, as revealed by blockchain analytics from Lookonchain. Despite this significant divestment, the group continues to manage a formidable portfolio of about 1.21 million ETH, valued at around US$5.6 billion (AU$8.55 billion).
The recent transactions show that the group sold the ETH at an average price of US$4,532 (AU$6,922) each. Notably, they had previously amassed 103,543 ETH between February 3 and April 7, investing approximately US$229 million (AU$349 million) at an average price of US$2,219 (AU$3,390). This included a notable acquisition in early April, where they purchased 24.817 ETH valued at US$42.2 million (AU$64.4 million) when prices were around US$1,700 (AU$2,500).
The movement of funds has been managed through various wallets, with large amounts often entering Aave v3, a lending platform, indicating a strategic approach to position management and asset safeguarding.
### Increased Selling Pressure
This selling activity coincides with an observable trend of profit-taking among short-term Ethereum holders. Data from Glassnode highlights that these traders have locked in daily profits of approximately US$553 million (AU$844 million), contrasting the more passive behaviour of long-term holders.
Currently, Ethereum is trading around US$4,600 (AU$7,020), reflecting a substantial 43% increase over the past month, according to CoinGecko. Despite this upward trend, profit-taking activity remains significantly lower than the previous month’s peak, where it was recorded at 39% below the highs of US$3,500 (AU$5,341).
Moreover, selling pressure isn’t limited to individual holders; institutional entities are also participating. For instance, the Ethereum Foundation recently transferred 2.795 ETH, worth roughly US$12.7 million (AU$19 million), resulting in a remaining balance of only 99.9 ETH alongside 11.6 million DAI.
Nevertheless, not all market participants view the current rally as overextended. Arthur Hayes, co-founder of BitMEX, indicated his renewed confidence in Ethereum, having re-entered the market just a week after selling US$10.5 million (AU$16 million) at US$3,507 (AU$5,354). This suggests that despite some profit realisations occurring, there remains bullish sentiment among key figures in the crypto sphere.
### Conclusion
Overall, the sale by the “7 Siblings” underscores a strategic recalibration among Ethereum whales, amidst a broader backdrop of volatility and profit-taking within the market. As Ethereum continues to show robust gains, the actions of influential stakeholders could set significant precedents for future trading behaviours within the cryptocurrency sector.
