Seven Brothers Dump $88 Million in Ethereum
A group of Ethereum whales, sometimes referred to as the “Seven Brothers,” recently sold off about $88.2 million worth of ether in just a span of 15 hours.
This group, which holds approximately 1.21 million ethers (ETH) valued at around $5.6 billion, disposed of around 19,461 ETH at an average price of about $4,532. This information was shared in a post on X earlier this week.
From February 3rd to April 7th, the whale group acquired a total of 103,543 ETH for around $229.7 million, averaging out to $2,219 per ETH. Data compiled by LookonChain indicates that during early April, they made significant purchases worth $42.2 million, acquiring 24,817 ETH at roughly $1,700 each.
The transaction records suggest that the whales are operating across various wallets, likely as part of a strategy to manage and conceal their large holdings. A notable move showed that ETH was deposited on Aave V3, a platform for loans and borrowings.
Short-term ETH Holders Profit While Foundation Sells
Ethereum is currently facing new profit pressures, as ETH trades at around $4,600. Short-term holders are driving fees in this environment. According to GlassNode, these investors reported about $553 million in daily profits on Monday, which is significantly higher than what long-term holders have recognized; the latter group has been relatively inactive.
Despite a 43% increase in the past month, GlassNode noted that current profit levels for ETH are still 39% lower than last month’s peak.
The Ethereum Foundation also offloaded 2,795 ETH—valued at around $12.7 million—when prices hit yearly highs. This sale was executed in two transactions via foundation-associated wallets, and their remaining holdings are now reduced to just 99.9 ETH and 11.6 million DAIs.
However, some investors remain optimistic. For instance, Arthur Hayes, a co-founder of BitMex and a noted Bitcoin billionaire, mentioned that he recently re-invested in Ethereum just a week after selling $10.5 million worth when it was trading at $3,507.
Speculations on ETH Prices Amid Bitcoin’s Surge
In related discussions, crypto trader Yashasedu speculated that if Bitcoin were to reach $150,000, Ethereum could possibly rise to over $8,500. This speculation hinges on historical trends where ETH’s market capitalization has historically been 30%-35% of Bitcoin’s.
Should ETH attain 35% of Bitcoin’s market cap at $150,000, it could theoretically hit $8,656. Even at the lower range of 21.7% to 30%, the price of ETH could range between $5,376 and $7,420. This forecast is supported by Ethereum’s total value locked (TVL) surpassing $90 billion, leading to increased institutional profits.
Notably, on Monday, Spot Ether ETFs recorded a staggering $10.1 billion in net daily inflows. This influx occurred as Bitmine Immersion Technologies announced they plan to raise $20 billion for ether purchases.
