Two ETH Whales Offload $63 Million as Selling Pressure Builds

Onchain trackers flagged two large ether sell-offs within hours of each other on August 21, as a popular whale known as ‘7 Siblings’ and a separate wallet dumped a combined $63 million in ETH and staked ETH.

Friday’s sale fits that same pattern where a swing trader has seemingly registered decent profits rather than fleeing a position outright (alteast based on the entity’s trading history).

Hours later, a separate wallet, 0xFD10, sold 11,252 stETH for $26.5 million and a further 1,824 ETH for $4.26 million, bringing the combined proceeds to 30.78 million USDT. Staked ether (stETH) is a liquid staking token that represents ETH deposited with Lido Finance, the largest Ethereum staking protocol, and can be traded or used in decentralized finance (DeFi) while the underlying ETH remains staked.

Unlike 7 Siblings, which has a long public trading history, 0xFD10 has not been previously profiled in detail by onchain analytics platforms, and the motive behind its exit remains unclear.

All of these moves seem to 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.

Lastly, a major break below $2,300 on continued whale selling would once again put the $2,000 zone back in focus, but a sustained bounce would suggest Friday’s sales were routine profit-taking rather than the start of a deeper distribution phase.