Over the past weekend, on-chain data recorded a strong wave of altcoin sell-offs by “whales.” From Ethereum to smaller tokens like PEPE and HYPE, millions of dollars’ worth of assets were either liquidated or moved to exchanges.
These large transactions drew attention and raised questions about the market’s next direction.
Ethereum Leads Whale Sell-Off Wave
Ethereum was likely the most heavily sold altcoin during the past weekend. A notable highlight was the activity of an “OG” address holding 1 million ETH from the ICO era. Recently, this address sold 991.67 ETH worth $2.51 million, bringing the total ETH sold since May 26 to 9,845.96 ETH, equivalent to $25.23 million.
With an initial cost of just $0.31 per ETH, this massive profit highlights the whale’s “slow selling” strategy. If this pace of 1,000 ETH per week continues, it could extend for months or even years.
Additionally, another whale, dormant for 4 years, suddenly transferred 4,949.63 ETH to a centralized exchange (CEX). Meanwhile, another whale withdrew 10,708 ETH from Lido and immediately sent it to OKX.
These moves, along with another whale losing 25% of their value by depositing 1,054 ETH to Binance, reflect either fear or profit-taking strategies amid market volatility.
Not all moves suggested sell-offs, though. One whale spent 467.58 ETH ($1.18 million) to increase their KTA holdings, indicating a search for opportunities in other promising projects rather than focusing solely on ETH.
Despite the short-term bearishness, traders remain quite optimistic about the altcoin’s long-term picture.
“ETH is still consolidating after a bullish May. ETF inflows are rising, and network activity is picking up, which means prices will soon follow. I’m convinced that ETH will hit $3K this month and $4K in Q3 2025.” Analyst Ted commented.
More Large-Cap Altcoins Sold Off by Whales
Beyond ETH, several other large-cap altcoins became targets of whale sell-offs over the weekend. HYPE from Hyperliquid also faced selling pressure. One whale made over $38 million in profit from HYPE, selling 131,137 HYPE.
Many whales continuously depositing altcoins to exchanges may signal strong selling. Another whale sent 1 trillion PEPE ($11.65 million) to Binance. Four addresses belonging to the same whale deposited 356,000 LINK to Binance, with an estimated ROI of 97.3%.
Additionally, another whale withdrew $7.52 million worth of SOL from staking and sent most of it to Binance.
These actions could be significant signals. Based on market experience, whale sell-offs often align with price peaks, as they lock in profits after a growth phase. However, they could also reflect concerns about an upcoming major correction. Compared to historical data, similar sell-offs in the past often led to sharp volatility but also opened buying opportunities at lower support levels.
Currently, with whale transactions totaling tens of millions of dollars, investors should cautiously monitor on-chain metrics and trading volumes. If the sell-off trend continues, the market may face short-term downward pressure. Conversely, if new demand emerges, prices could recover.
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