One early Ethereum holder sold about $188 million worth of ETH, wrapped up Ether and Bitcoin before the recent market crash, and then rebuilt the positions at lower prices.
summary
- Ethereum OG sold for $188 million before the crash and rebuilt positions at lower prices.
- Ethereum rebounded near $1,666, but a profitable whale kept a 60,000 ETH short position open.
- Exchange reserves fell by 475,000 ETH as traders monitored sell walls near the recovery path.
On-chain tracker Lookonchain linked the activity to three wallets and described the timing as “perfect sell high, buy low.”
As Ethereum recovered from a brief decline, transactions reached $1,500. Ethereum Traded Near $1,674 at the time of writing, up roughly 4% over 24 hours.
However, the symbol remained sharply lower over seven days, and another profitable trader kept a large short position open. Its 24-hour range extended from $1,607 to $1,706, showing that volatility remained high during the initial phase of the recovery.
Ethereum OG exited a $188 million position before the crash
Lookonchain said the whale sold 60,000 ETH worth $117.25 million and 9,442 WstETH worth $24 million. The combined assets tied to Ethereum were trading at an average price of nearly $2,040. The trader also sold 600 WBTC worth $47.12 million at an average price of $78,538.
These sales totaled approximately $188.37 million based on values reported by Lookonchain. The tracker did not identify the owner of the wallet. It also did not confirm whether the trader is anticipating a crash or reducing exposure for some other reason. The timing remains visible on the chain, but the motive is unknown.
After the decline, the same trader bought 611 WBTC for approximately $38.68 million at an average price of $63,280. The wallet also acquired 60,088 ETH worth $95.3 million and 10,000 wstETH worth $21.08 million. Lookonchain has set the average purchase price for Ethereum-related assets near $1,606.
The new purchases increased the trader’s WBTC holdings by 11 tokens compared to the previous sale. The wallet also rebuilt a slightly larger amount of ETH and wstETH than it sold. The reported values show that the trader regained similar exposure while using less capital due to lower market prices.
Ethereum recovery faces short whale and Coinbase sell walls
The broader market is starting to recover, but not all the big traders are turning bullish. Pension-usdt.eth added another 10,000 ETH to the short position, Lookonchain said. This brings the total amount exposed to 60,000 ETH, worth approximately $101 million. The account recorded 22 winning trades and more than $45 million in total profits, according to the tracker.
Other analysts reported mixed signals. Ali Martinez He said The TD serial indicator produced a buy signal for Ethereum. CW Analyst He said Coinbase whales were placing short-term sell walls above the price. he Argue That ETH could continue towards $2,000 if buyers liquidate this supply, but the claim remains a conditional view of the market and not a confirmed outcome.
Lower exchange reserves support a tighter ETH market
CryptoQuant contributor Amr Taha I mentioned Ethereum reserves tracked by Binance, OKX, Gemini, and Bitfinex fell by about 475,000 ETH in early June. Binance’s balance fell by about 190,000 ETH, while Bitfinex lost another 180,000 ETH from its tracked reserves. OKX recorded the largest percentage decline.
Low exchange reserves can easily reduce the amount of ETH available for sale, but withdrawals do not prove that holders plan to hold the asset long-term. Coins can be transferred to private custody, staking services or other trading venues. Therefore the reserve change provides the supply signal, not the guaranteed price direction.
Ditto I mentioned By crypto.news Ethereum briefly touched the $1,500 level during the June sell-off after losing the $1,800 and $1,700 areas. Leveraged divestitures, weak demand for ETFs, and broader risk aversion have added to the pressures. The move left the $1,500 area as the nearest major support area.
Ethereum is now facing resistance between the daily high near $1,706 and the previous support areas above $1,800. A break above these levels could refocus on the $2000 level. Failure to sustain the recovery will return interest to the $1,600 and $1,500 area, while a large whale short position shows that bearish positions have not disappeared.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
