Ethereum stagnated after rising. Is the main reason why the whale on the chain crashed?

Ethereum outperformed Bitcoin last week

Over the past seven days, the price of Ethereum has seen a significant increase, rising more than 10% relative to Bitcoin.

Some well-known traders and investors have been bullish on Ethereum on social media platforms, and on-chain data also shows that some investors have deployed Ethereum positions in the past few days. According to Arkham's data, a wallet address that is suspected to belong to BitMEX founder Arthur Hayes has received 1,072 ETH, worth about $3.31 million, from the market maker Wintermute in the past few days.

The whales that were sold

However, where there are buyers, there are also sellers. According to on-chain data, an address that previously participated in the Ethereum ICO has deposited 1,555 ETH into the Coinbase exchange after being dormant for three years. The participant had invested $1,951 to buy 6,292 ETH during the ICO fundraising period, at an average price of $0.31.

On the other hand, according to information shared by on-chain data analyst Lookonchain, a whale holding 398,891 ETH has sold 46,853 ETH since November 7, and has sold another 12,886 ETH (worth about $41.24 million) in the early hours of today. The whale still holds 352,036 ETH (worth about $1.27 billion).

The selling by these whales may be one of the reasons for the stagnation in Ethereum's price performance in the past two days.