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As the price of Ethereum approaches its historical peak, a remarkable trend has emerged in the market. A group of mysterious whales known as the "7 brothers" recently took large-scale selling actions, dumping $88.2 million worth of Ethereum in just 15 hours. This move has raised concerns in the market about potential impacts on the current upward trend.
According to a report by the blockchain data analysis platform LookOnChain, these whales sold 19,461 ETH at an average price of $4,532. This is their first significant reduction since accumulating approximately 1.21 million ETH (worth $5.6 billion).
It is worth noting that this sell-off coincides with the price of Ethereum climbing to nearly $4,600, which is only about 5% lower than the all-time high set in November 2021. This timing has sparked speculation in the market that institutional investors may be starting to take profits.
However, at the same time, the demand for Ethereum from institutions has shown unprecedented growth. Data shows that Ethereum ETF products have seen capital inflows for six consecutive days, totaling $523.9 million. Even more noteworthy is that the previous single-day inflow once set an astonishing record of $1 billion.
The scale of corporate holdings in Ethereum has also reached new heights. Currently, 64 companies collectively hold ETH worth $16.4 billion, with BitMine Immersion Technologies leading the pack by holding 1.2 million ETH (approximately $5.27 billion).
Despite the large-scale sell-off, Ethereum still demonstrates strong upward momentum from a technical analysis perspective. This contradictory market signal undoubtedly increases investors' wait-and-see sentiment, making Ethereum's short-term trend the focus of market attention.
As the institutional adoption rate continues to rise and ETF funds keep flowing in, the Ethereum market seems to be at a critical turning point. Investors need to closely monitor the movements of these large holders, as well as other factors that may influence market sentiment. In this moment filled with opportunities and challenges, caution and insight will be key for participants in formulating their investment strategies.