Two ETH whales dump $63 million as selling pressure builds

Two Ethereum whales sold $63 million in ETH and staked ETH on Aug. 21, adding supply pressure as the token traded near $2,350.

Blockchain analytics platform Lookonchain flagged the sell-offs, reporting that the whale entity known as 7 Siblings sold 14,000 ETH for $32.85 million at an average price of $2,346.

Hours later, wallet 0xFD10 sold 11,252 stETH for $26.5 million and 1,824 ETH for $4.26 million, bringing combined proceeds to 30.78 million USDT. Staked ether represents ETH deposited with Lido Finance, the largest Ethereum staking protocol, and can be traded in DeFi while the underlying ETH remains staked.

The sales follow a pattern of large holders reducing exposure during local price stability. A break below $2,300 on continued whale selling would put the $2,000 zone back in focus, while a sustained bounce would suggest routine profit-taking rather than deeper distribution.

7 Siblings has been tracked by onchain analysts since 2024 for a pattern of buying ETH during sharp downturns and later taking profit in large, coordinated transfers. At its peak, the entity's holdings were estimated near 1.15 million ETH, worth roughly $2.8 billion, though the position has fluctuated as the wallet cycled between accumulation and distribution. In August 2025, the entity was reported as an ETH billionaire after it moved $47 million in ETH to a new wallet before selling most of it within minutes.

Friday's sale fits that same pattern — a swing trader registering profits rather than fleeing a position outright, based on the entity's trading history.

Unlike 7 Siblings, wallet 0xFD10 has not been previously profiled in detail by onchain analytics platforms, and the motive behind its exit remains unclear.

Following the sales, ETH continued to trade near $2,350, a sharp surge from just hours earlier when it traded at $2,286.60. The average sale price cited in both wallets' transactions stood between $2,334 and $2,354 per coin.

Bitcoin.com News recently reported that another Ethereum whale capitulated after three years of staking, realizing more than $19 million in losses on a single position earlier this month. Other large holders have cashed out during 2026 rallies as well, including one wallet that sold 55,000 ETH and 9,442 wstETH for a combined $136 million in May.

All of these moves point to a market where long-term holders and swing traders alike are treating rallies and local price stability as opportunities to reduce exposure, even as some of the same entities have historically bought back in during subsequent dips.

Despite Friday's sale, 7 Siblings remains one of the largest disclosed ETH-holding wallets, and its past behavior suggests further large transactions, in either direction, are likely if ETH moves sharply from current levels.

This article is for informational purposes only and does not constitute investment advice.