Key Insights:
- Whale dumps 15K ETH for $24.9M after brief price surge.
- CME short interest in ETH drops below $500M, easing market pressure.
- ETF outflows and weak retail demand temper optimism after ETH rebound.
Ethereum (ETH) price surged above $1,800 on Apr. 23, marking a 15% rebound from its Apr. 9 low of $1,400. But as optimism mounted, one Ethereum whale moved against the tide.
On-chain data from Lookonchain shows that a single wallet borrowed 15,000 ETH from Aave and sold it for 24.9 million USDT at an average price of $1,660. The transaction, completed within 15 minutes of the price uptick, triggered fresh debate around Ethereum whale sentiment and market stability.
Ethereum Price Under Pressure as Whale Unwinds $89M
The large-scale ETH selloff emerged as ETH outperformed Bitcoin, which gained only 6% over the same 24-hour period. The broader market also rose 5%, lifting total crypto market capitalization back to $3 trillion.
However, the whale’s decision to convert ETH to stablecoins raised questions over market confidence. While some interpreted it as profit-taking, others saw it as a hedge against further volatility. “It’s the timing that matters,” Lookonchain noted. “This kind of rapid dump, especially after a breakout, often shakes market sentiment.”
Fresh data from Lookonchain deepened market concerns. The same whale who sold 15,000 ETH for $24.9 million earlier also withdrew and dumped a total of 35,754 ETH—worth $64.13 million—from Aave over the past three hours. This brought the total liquidation to nearly $89 million, executed at an average price of $1,794.
The scale and timing of the move pointed to a deliberate unwind, not just a short-term reaction. While some market participants initially viewed the 15,000 ETH dump as an isolated event, the extended activity showed a systematic exit from Ethereum exposure.
CME Short Positions and ETF Outflows Paint Bearish Undertone
The ETH price rally coincided with a drop in short positions on the Chicago Mercantile Exchange (CME). According to CryptoQuant, the Ethereum CME basis—the spread between futures and spot prices—fell from 20% in Nov. 2024 to around 5% in Apr. 2025.
That drop closed the arbitrage window for hedge funds, who had long profited from buying spot ETH ETFs and shorting CME futures. Now, those positions are unwinding. SoSoValue reported that U.S. spot ETH ETFs have seen nearly $1 billion in outflows since mid-Feb., with total net assets dropping to a record low of $5.21 billion.
An analyst note on CryptoQuant highlighted that many arbitrageurs have exited their positions as Treasury yields aligned with basis levels. “That pressure is gone, but positive macro news is still needed for a sustained rally,” the note stated.
Analysts Remain Divided as Whales Send Mixed Signals
While the whale selloff dampened sentiment, others in the market maintained a bullish stance. MartiniGuyYT flagged a $34.7 million purchase of 20,000 ETH by a separate address, suggesting not all large holders are exiting.
Meanwhile, CryptooELITES predicted ETH could hit $12,000 by year-end, declaring the dip “confirmed” and the direction “upwards.” EtherWizz_ echoed similar confidence, saying, “If you followed the analysis, you’re likely sitting on some solid gains.”
Market Fundamentals Provide Tentative Support
Markus Thielen of 10x Research noted that the market had become “heavily shorted,” setting up for a squeeze. ETH also appeared oversold on daily and weekly charts.
Dominance metrics supported this view. On Apr. 22, analyst Rekt Capital said ETH dominance had fallen to its Sept. 2019 low of 7%, only to rebound above 7.5% by the following day. That move confirmed the level as long-term support.
Ash Crypto drew parallels between ETH’s current trajectory and Bitcoin’s late 2024 breakout. Income Sharks added, “When Ethereum has a big day, the entire crypto ecosystem follows.”
Despite the large selloff, ETH price managed to hold above $1,700 as of Apr. 23. Traders now look to the upcoming mainnet upgrade and easing U.S.-China tariff tensions for further momentum.
The whale selloff may have momentarily clouded sentiment, but broader indicators suggest the market still leans cautiously bullish—at least for now.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
