Whales Are Selling: Ethereum Billionaire Whale and Cosmos Developer Offload Millions

A dormant Ethereum whale has become active for the first time in eight years. The address, which originally accumulated 398,889 ETH at an average price of $6 (worth $2.4 million at the time), is now valued at approximately $1.34 billion.

Since November 7, the whale has sold 73,356 ETH, amounting to around $224 million in value. Despite these sales, the address still holds 325,533 ETH, worth an estimated $1.1 billion at current market prices.

Additionally, the Interchain Foundation, a Cosmos developer, has sold 3,000 ETH today. This follows a series of sales since April 2023, where the foundation has sold a total of 21,600 ETH for approximately $55.97 million, with an average price of $2,591 per ETH. The foundation currently retains 23,587 ETH and 383.8 BTC, with a combined valuation of $95.48 million.

Meanwhile, Ethereum’s price has risen by 7% in the past 24 hours and 30% over the last 30 days, highlighting strong market performance despite the significant whale and institutional sales.

Ethereum Onchain Volume Hits Yearly High

On Friday, November 15, Ethereum’s daily onchain volume reached $7.13 billion, marking the highest single-day volume of 2024. This represents a 1% increase over the previous yearly high set in March, indicating a resurgence in network activity as the broader crypto market turns bullish.

Throughout 2024, Ethereum’s onchain trading volume generally followed the trends of the wider crypto market, exhibiting a consistent risk-off downtrend with occasional spikes during the second and third quarters.

However, November has marked a turning point. Factors driving this resurgence include large inflows from Bitcoin and Ethereum ETFs, alongside renewed market interest following the U.S. Presidential election.