Whale sold millions of dollars of altcoin over the weekend

Last weekend, on-chain data recorded a strong wave of altcoin selling from whales. Whether it's large coins like Ethereum (ETH) or smaller tokens like PEPE and HYPE, millions of dollars in assets have been liquidated or moved to exchanges.

These large transactions have attracted attention and raised questions about the next direction of the market.

Ethereum leads the wave of liquidation by whales

ETH is likely the altcoin that was sold off the most during the past weekend. Notably, the activity of an address holding 1 million ETH since the ICO period. Recently, this wallet sold 991.67 ETH worth 2.51 million dollars, bringing the total ETH sold since May 26 to 9,845 ETH, equivalent to 25.23 million dollars.

With an initial cost of only $0.31 per ETH, this enormous profit demonstrates the whales' gradual selling strategy. If the selling rate of 1,000 ETH per week continues, the process could last for months or even years.

In addition, another whale that had been "hibernating" for 4 years unexpectedly transferred 4,949 ETH to a centralized exchange. Meanwhile, another whale withdrew 10,708 ETH from Lido and immediately transferred it to OKX.

These moves, along with another whale suffering a 25% loss in value when sending 1.054 ETH to Binance, reflect a fear sentiment or profit-taking strategy amid market volatility.

However, not all transactions are liquidations. A whale spent 467.58 ETH (1.18 million dollars) to increase their holdings of KTA, indicating that they are seeking opportunities in other potential projects rather than just focusing on ETH.

Despite the short-term downtrend, traders remain quite optimistic about the long-term prospects of altcoin.

"ETH is still consolidating after the price increase in May. Cash flow from ETFs is increasing, and network activity is picking up again, which means prices will soon react accordingly. I believe that ETH will reach $3,000 this month and $4,000 in Q3 2025," analyst Ted stated.

ETH will reach $3,000 this month | Source: Ted## Many other large-cap altcoins sold off by whales

Besides ETH, some other large-cap altcoins also became targets of liquidation by whales over the past weekend. The HYPE token from the Hyperliquid project also faced strong selling pressure. One whale made over 38 million dollars in profit from HYPE after selling 131,137 HYPE.

Many whales are constantly sending altcoins to exchanges that could be a signal for the upcoming strong sell-off. Another whale transferred 1 trillion PEPE (trị $11.65 million la) to Binance. These four addresses belonging to the same whale sent 356,000 LINK to Binance, with an estimated ROI of 97.3%.

In addition, another whale withdrew 7.52 million dollars worth of SOL from staking and sent most of it to the Binance exchange.

These actions could be important signals. According to market experience, whale sell-offs often coincide with price peaks – the moment they take profits after a growth phase. However, this may also reflect concerns about a major upcoming correction. Compared to historical data, similar sell-offs in the past have often led to significant volatility, but they also open up buying opportunities at lower support levels.

Currently, with the total trading value of whales amounting to tens of millions of dollars, investors should keep a close eye on the on-chain index and trading volume. If the sell-off trend continues, the market may face short-term downward pressure. Conversely, if new demand emerges, the price may recover again.

Đình Đình