Institutional whale cashes out 80% of ETH holdings a day after adding 15,000 ETH

A whale address believed to be tied to an institution sold 42,000 ETH, equal to about 80% of its holdings, around seven hours ago, on-chain analyst EmberCN said. The wallet had added 15,000 ETH at an average purchase price of $2,751 yesterday, worth about $41.26 million. According to EmberCN, the whale transferred the tokens to a Galaxy Digital OTC address around seven hours ago. Such transfers are typically interpreted as intended for selling. If the deposited ETH was sold, the whale realized about $21.12 million in profit. EmberCN said the whale had accumulated about 52,000 ETH over roughly two months at an average purchase price of $2,161. CoinMarketCap data showed ETH trading at $2,679.21, down 3%.