Ethereum Whales Offload $45 Million in ETH Amid Market Surge to $2,600

• Ethereum whales sold $45 million worth of ETH as prices hit $2,600, stirring market attention.
• Institutional investors Cumberland and ParaFi Capital shifted significant ETH holdings to Coinbase.
• Despite large sell-offs, Ethereum remains bullish with a price forecast of $20,000 by early 2025.

Ethereum saw significant sell-offs this weekend as institutional investors offloaded large amounts of ETH despite a continued bullish market trend. Two major transactions totaling $45 million, were reported as ETH’s price hit $2,600, signaling strategic adjustments by some of the market’s biggest players.

Wallets linked to well-known institutional investors have been central to this activity. Cumberland, a key player in cryptocurrency trading, moved 11,800 ETH valued at approximately $31.88 million to Coinbase. 

This transaction was executed within the last 24 hours, signaling a notable sell-off as the market fluctuates. Additionally, ParaFi Capital withdrew 5,134 ETH worth around $13.83 million from the Lido staking platform and subsequently transferred it to Coinbase Prime. 

These movements have raised eyebrows, as large transfers to exchanges often precede sales, indicating possible shifts in market positioning.

Despite these significant transactions, Ethereum’s price has remained resilient. ETH is currently trading around $2,671, reflecting a minor increase of 0.05% over the past 24 hours. Price fluctuations have stayed between $2,643 and $2,728, indicating short-term stability amidst the market volatility. 

The resilience of ETH’s price has been discussed, especially as institutional investors make moves that typically signal market caution.

Market sentiment remains optimistic, with some analysts predicting a strong upward trend for Ethereum. Crypto analyst Julien Bittel, CFA, recently forecasted a potential surge in ETH’s value, suggesting that it could hit $20,000 by early 2025. 

His analysis compares the current market performance to Ethereum’s price action in 2023 when a similar pattern led to a bullish breakout.

As institutional investors like Cumberland and ParaFi Capital adjust their positions, the broader market focuses on Ethereum’s potential growth. Despite volatility and significant ETH sales, bullish forecasts fuel optimism for future price increases.