The enigmatic whale group known as “7 Siblings” has sold 19,461 ETH worth $88.2 million in just 15 hours at an average price of $4,532, according to data from LookOnChain.
This marks their first major liquidation since accumulating 1.21 million ETH valued at $5.6 billion.
The massive sell-off comes as Ethereum trades near $4,600, just 5% below its November 2021 all-time high, raising questions about whether institutional profit-taking could derail the current rally.
The timing coincides with record-breaking institutional demand, as Ethereum ETFs recorded their sixth consecutive day of inflows totaling $523.9 million on August 12, following a historic $1 billion single-day haul.
Corporate treasury holdings also reached $16.4 billion worth of ETH across 64 entities, with BitMine Immersion Technologies leading with 1.2 million ETH valued at $5.27 billion.
Profit-Taking Pressure Emerges as Short-Term Holders Cash Out
Short-term ETH holders are realizing approximately $553 million in daily gains according to Glassnode data, far outpacing long-term holders who remain relatively inactive.
Source: GlassnodeDespite ETH’s 43% monthly surge, current profit-taking levels remain 39% below last month’s peak when prices traded near $3,500.
Aside from the “7 Siblings” Whale Group, the Ethereum Foundation also executed significant sales, disposing of 2,795 ETH worth $12.7 million in two transactions as prices hit yearly highs.
The sales reduced the Foundation’s holdings to just 99.9 ETH and 11.6 million DAI. The community was divided on this sale, with some criticizing it and others viewing it as a strategic exit at peak prices.
Notably, global search interest for “Ethereum” has soared to its highest level since 2021, according to Google Trends data, with North Macedonia, Switzerland, Singapore, Slovenia, and Austria leading search activity.
The surge coincides with Ethereum’s network reaching an all-time transaction record of 1.875 million daily transactions.
While some whales are selling the top, some remain highly bullish. Arthur Hayes, for instance, reversed his bearish stance with an aggressive $8.4 million crypto buying spree, accumulating 1,500 ETH alongside substantial DeFi token positions in LDO, ETHFI, and PENDLE.
His purchases follow earlier predictions that ETH would drop to $3,000.
Record Corporate Adoption Drives Institutional FOMO
Corporate Ethereum holdings posted their largest monthly increase on record in July, climbing 127% to more than 2.7 million ETH worth $11.6 billion. Twenty-four new entities joined the ranks, bringing the total now to 71 companies holding significant ETH positions.
BitMine Immersion Technologies filed for an additional $20 billion in at-the-market equity offerings, lifting total issuance capacity to $24.5 billion to fund further Ethereum purchases.
SharpLink Gaming follows with 598,800 ETH worth $2.74 billion, while The Ether Machine holds 345,400 ETH valued at $1.58 billion.
BlackRock’s ETHA led ETF inflows with $640 million during the record-breaking session, while Fidelity’s FETH captured $277 million.
Cumulative historical inflows reached $10.806 billion for ETHA and $2.797 billion for FETH, which indicates significant institutional capital commitments.
Source: SosoValueDuring this first ETH rally of the year, Ethereum’s market capitalization reached $523 billion, overtaking Mastercard’s $519 billion valuation.
Gas fees also dropped to $0.53, historically signaling massive on-chain activity and price explosions, while ETH addresses holding over 10,000 tokens hit 868,886 on Saturday.
Technical Breakout Signals Historic Rally Despite Whale Sales
Technical analysis reveals Ethereum breaking out of an 8-year triangular consolidation pattern against Bitcoin, with the ETH/BTC ratio reaching 0.03917.
The pattern encompasses nearly half of Ethereum’s existence. If the current rally persists, it could be one of the most significant technical breakouts in crypto history.
The daily chart shows ETH completing its fifth major parabolic cycle, with each cycle reaching progressively higher peaks while establishing higher lows.
The current breakout above $4,600 confirms escape from multiple long-term consolidation patterns simultaneously.
Ethereum has decisively broken above a 4-year sideways consolidation range with implications for explosive upside potential.
Historical precedent suggests similar breakouts resulted in 54x gains, transforming ETH from $80 to over $4,000 in previous cycles.
Despite the 7 Siblings whale sales, technical patterns indicate continued upward momentum, with immediate targets at $5,000-$6,000, as Ethereum breaks free from years of consolidation.
Long-term projections suggest $10,000-$15,000 remains achievable if institutional demand sustains and the 8-year breakout pattern follows historical precedents of 4x-10x moves from major triangle resolutions.
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