Today, Ethereum grabbed market attention after a renewed whale deposited massive amounts of ETH tokens to Binance as reported by Lookonchain. The transaction seems to have a connection to Ether’s recent price drop.
Following its slowed performance on Monday, the second biggest virtual currency lost strength, leading to its value currently standing at $3,058.46, as press time.
Whale offloads 17,750 Ether
Today, according to data from Lookonchain, a prominent whale whose wallet address is recognized to belong to Cumberland, deposited 17,750 Ethereum tokens worth $54.41 million to Binance.
A wallet related to #Cumberland deposited 17,750 $ETH($54.41M) to #Binance 3 hours ago.https://t.co/fqx0FAPCaP pic.twitter.com/9ywjzpS31n
— Lookonchain (@lookonchain) January 27, 2025
Since Cumberland is a renowned trader with a success rate in trading, these sales are believed to have generated significant profit for the firm.
The move by the whale signifies that despite current decreased ETH prices, big investors are selling their tokens for profit taking. This is especially true for traders who bought tokens earlier when prices were much down and now selling at higher values, showcasing the dynamic of the crypto market.
However, large investors engaging in sales normally cause market volatility and trigger a new consolidation trend.
Ether price updates
Today, the global crypto market experienced significant selloffs, which made Ethereum lose its recent mild recovery. ETH price dropped 7.3% to trading at $3,058.46 currently. Its price has been down 9.30% in the last seven days, highlighting continued whale offloading and reduced investor participation in the network.
Recently, Ether faced increased selling pressure. In the last 24 hours, massive liquidations of ETH tokens worth $116.96 million occurred across exchanges, according to data from Coinglass.
Ethereum’s ongoing underperformance compared to other major cryptocurrencies turned market sentiment into negative, reflected by low trader participation. While Bitcoin and many other tokens recently reached new ATHs, Ether remains below its groundbreaking height recorded in the 2021 peak. This indicates Ether’s slower recovery compared to others.
Amid the sluggish market performance, Ethereum leadership is facing heightened scrutiny. Recently, the leadership announced plans to make reforms to resolve decreasing market demand and governance issues.
Last week on Friday, Ethereum co-founder Buterin talked about Ether’s ambitious plan for the year. He said Ethereum’s main blockchain will go through critical upgrades to expand throughput, decrease latency, and focus on fee burning.