Ethereum Whales Sell as Outflows Hit Four-Month High

Ethereum's early investors have sold 4,000 ETH across two wallets according to blockchain data tracked by Lookonchain, coinciding with Santiment recording the network's largest daily net exchange outflow in more than four months.

One transaction involved 1,000 ETH transferred to a Kraken deposit address by an initial coin offering participant who originally bought 100,000 tokens during Ethereum's initial coin offering at $0.31 each. A separate transaction showed 3,000 ETH valued at approximately $7.23 million sold by a holder whose purchase dated back nine years at $18.83 per token.

Exchange Outflows Reach Four-Month High

Santiment's analysis recorded 169,770 ETH leaving exchanges on a net basis on Oct. 22, marking the network's highest daily outflow in over four months. Analytics providers note that fewer coins held on exchanges generally leave less supply immediately available for sellers. Santiment identified $2,400 as Ethereum's immediate pivot level, noting that a sustained recovery above $2,500 would strengthen bottoming cases while a loss of roughly $2,330 would weaken them.

Separately, a dormant institution moved $18.79 million in AAVE and WLD to exchanges after more than a year of inactivity. Lookonchain identified the transfers as 156,690 AAVE worth $22.86 million and 19.74 million WLD worth $10.04 million, with portions reaching exchange-linked addresses.

Key facts

• Santiment recorded a net exchange outflow of 169,770 ETH, the largest daily total in over four months.
• An ICO participant sold 1,000 ETH from an initial allocation bought at $0.31 per token.
• A nine-year holder sold 3,000 ETH valued at $7.23 million.
• A dormant institution moved assets including AAVE and WLD worth $18.79 million to exchanges.