Whale Sell-Off Sends Shockwaves Through Ethereum Market: 47,756 ETH Deposited to CEXs in 24 Hours

A recent spate of big moves involving huge quantities of Ethereum (ETH) has left some wondering if a sell-off is in the cards.

In total, four large crypto whales moved 47,756 ETH (about $89.53 million) from their wallets to centralized exchanges (CEXs) in a series of transactions that took place between October 6 and October 7. What’s concerning, of course, is that these funds are now on the exchanges instead of being held in over-the-counter (OTC) markets or kept by the whales in their own private wallets.

Many have started to question whether the whales are preparing to sell off large portions of their holdings. Why? Because of when these sudden deposits have been made. Ethereum’s price is continuing to fluctuate as it weathers the ongoing storm of market turbulence, but in and of itself, the movement of this much ETH just looks concerning for the next few price candles.

Whale Movements and CEX Deposits

Four major whale accounts deposited large sums of ETH. Within the Ethereum community, this has drawn a lot of interest. Here’s a simple rundown of the transfers and the platforms that are receiving all these deposits.

0xb69: This whale sent 16,555 ETH (about $31.51 million) to two important platforms — Coinbase and Wintermute. Coinbase, one of the largest and most reliable centralized exchanges, has seen an explosion of ETH deposits from institutional investors and whales in recent days.

1. Longling Capital is a well-known crypto investment entity that has transferred a sum of Ethereum to Binance. 2. The sum in question is 21,000 ETH. 3. In terms of USD, this is approximately $38.81 million. 4. This is a significant amount for anyone to transfer, but is especially notable coming from Longling Capital, given the size and scale of their operations.

3. 0x702: Another whale account moved 7,200 ETH (roughly $13.71 million) to Binance. Although smaller than the previous two, this deposit still represents a notable amount, further adding to the overall influx of ETH into centralized exchanges.

4. 0xAA1: The whale 0xAA1 made one last transfer that netted it a colossal amount of ETH. Unloading 3,000 ETH (worth about $5.15 million), 0xAA1 sent the coins to Binance. This transfer was part of a concerning trend of major ETH outflows to centralized exchanges.

These deposits have brought about much debate among analysts, traders, and crypto enthusiasts. The whales may be setting up to sell big chunks of ETH in the not-too-distant future, and that could serve to push the price down.

Whale Sell-Off Triggers ETH Drop? 47,756 $ETH Deposited to CEXs in 24H

According to The Data Nerd, 4 whales have deposited a total of 47,756 $ETH (~$89.53M) to CEXs in the past 24 hours:

0xb69 sent 16,555 $ETH (~$31.51M) to @Coinbase & @wintermute_t .

Longling Capital…

— Followin (@followin_io) March 11, 2025

Impact on ETH Price Action

Recently, the price of Ethereum fell sharply after “whale” individual investors deposited large amounts of ETH into centralized exchanges. Because these exchanges facilitate trading of all kinds, when ETH flows into them, people start to think about what this could mean for the price of ETH itself. Here are a few potential implications of the price drop in light of these big deposits.

In the past, hefty deposits of cryptocurrencies into exchanges have signified impending sales or trades. Of late, we’ve seen the writeup on centralized exchanges (CEXs) swell with Ethereum (ETH)—put plainly, there is a lot of ETH on centralized exchanges. With that in mind, it’s not a huge leap to say that was written about in a way that might have traders and investors freaking out and anticipating a significant market dump of ETH.

Of course, ETH being one of the most traded and liquid assets in the space, these movements have a noticeable effect on its price.

Some analysts think that the huge ETH deposit is a strategic move by the whale to profit lock during the present market situation. After a year in which the price of Ethereum saw huge appreciation, these whale might be trying to take some profits at this time before any possible price corrections. They might be waiting for the next leg up before they make any further moves with their ETH.

Whales and Market Sentiment

Large holders, or whales, have always had a huge say in how the price of assets like ETH moves. When they start moving large amounts of cryptocurrency to exchanges, it’s like they’re sending a signal to the market that there’s about to be some serious selling going on. This, of course, makes the smaller traders and retail investors hit the sell button that much faster, driving prices down even further.

It is also worth noting that whale movements do not always translate into immediate price increases. Of course, when a whale makes a big purchase, we can expect some positive price action. But often, these massive entities seem to act more like market makers, driving price action not just in one direction but in both up and down (obviously, with down not being a good thing for the price). It’s also important to remember that when whales are suspected of starting to act more like sellers, that doesn’t always correlate with them actually divesting themselves of their assets. They could just be using those assets in some exchange-related way that doesn’t involve them cashing out.

In both situations, ETH being sent to CEXs is making the market feel uncertain. Quite a few traders are now feeling a little on edge and watching closely to see if the whales are actually going to follow through and sell a good amount of ETH or if they are just shifting their assets around in preparation for growth.

Looking Ahead: What Does This Mean for ETH?

Ethereum, one of the most popular cryptocurrencies, faces the same issues of price manipulation as other virtual currencies. This spring, Ethereum Foundation CTO, Afri Schoedon, said in a tweet that “whales”—large holders of Ethereum—”might manipulate the price, as they did with #bitcoin over the last months. Why should we trust any cryptocurrency that is not behaving like gold, not with its price, not with its market cap?”

Currently, the substantial decrease in the price of ETH serves to remind investors of the wild fluctuations that typify the cryptocurrency market. It is uncertain whether the movements of these large-scale investors will push prices down even more or if we are on the verge of a price stabilization, but it is apparent that these big trades are making the market react, with the sentiment surrounding Ethereum taking the brunt of it.

To sum up, the recent deposit of 47,756 ETH to centralized exchanges has sparked concerns of a potential sell-off that could weigh on ETH’s price. The crypto market continues to react to these large transactions, and traders and investors are closely watching to see how the whales will move next and what impact this will have on Ethereum’s price action in the days to come. Whether this marks the beginning of a larger market correction or a temporary dip remains to be seen, but it is clear that these whale movements are influencing market sentiment.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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