Ethereum OG Dumps $124M in ETH as Whale Selling Resurfaces

On-chain data shared by Lookonchain reveals that an early Ethereum investor is continuing to sell ETH. The wallet originally accumulated 154,076 ETH at an average price of $517. The purchases likely date back to the 2017–2018 period. Over the past two days, the entity deposited another 40,251 ETH worth roughly $124 million into Bitstamp. The activity suggests ongoing profit-taking after years of holding.

On-Chain Data Signals Partial Exit Strategy

Arkham data shows repeated ETH transfers to Bitstamp in recent months. Total outflows now exceed $175 million. Despite the heavy selling, the wallet still holds around 26,000 ETH valued near $80 million. This indicates a gradual reduction rather than a full exit. The behavior aligns with a structured distribution strategy rather than panic selling.

Impact on Ethereum Price Action

Large whale deposits often create short-term selling pressure. Ethereum price has been consolidating near key moving averages. Such movements can temporarily weigh on momentum. However, similar events in past cycles did not always lead to sustained downtrends. Market structure remains the key factor for follow-through.

Community Reaction Remains Mixed

Traders are divided on the implications. Some view the selling as bearish for Ethereum today. Others see it as routine OG profit realization after a multi-year rally. Early investors exiting portions of their holdings is common during consolidation phases. The activity does not necessarily signal broader market capitulation.

Ethereum Analysis Going Forward

Whale behavior will remain a key metric to watch. Continued large deposits could cap upside in the short term. A slowdown in outflows may help stabilize Ethereum price. Broader market sentiment and ETF flows will likely determine the next directional move.

Source