Ethereum OG sells $188M before crash, then buys back lower

An early Ethereum holder sold about $188 million in ETH, wrapped staked Ether and wrapped Bitcoin before the latest market crash, then rebuilt the positions at lower prices. 

On-chain tracker Lookonchain linked the activity to three wallets and described the timing as a “perfect sell high, buy low.”

The transactions arrived as Ethereum recovered from a brief fall toward $1,500. ETH traded near $1,674 at the time of writing, up almost 4% over 24 hours. 

However, the token remained down sharply over seven days, and another profitable trader kept a large short position open. Its 24-hour range stretched from $1,607 to $1,706, showing that volatility remained elevated during the first stage of the recovery.

Ethereum OG exits $188M position before the crash

Lookonchain said the whale sold 60,000 ETH worth $117.25 million and 9,442 wstETH worth $24 million. The combined Ethereum-linked assets changed hands at an average price near $2,040. The trader also sold 600 WBTC worth $47.12 million at an average price of $78,538.

Those sales totaled about $188.37 million based on the values reported by Lookonchain. The tracker did not identify the wallet owner. It also did not confirm whether the trader expected the crash or reduced exposure for another reason. The timing remains visible on-chain, but the motive is unknown.

After the decline, the same trader bought 611 WBTC for about $38.68 million at an average price of $63,280. The wallet also acquired 60,088 ETH worth $95.3 million and 10,000 wstETH worth $21.08 million. Lookonchain placed the average purchase price for the Ethereum-linked assets near $1,606.

The new purchases increased the trader’s WBTC holdings by 11 tokens compared with the earlier sale. The wallet also rebuilt slightly more ETH and wstETH than it had sold. The reported values show that the trader regained similar exposure while using less capital because market prices had fallen.

Ethereum rebound faces whale short and Coinbase sell walls

The broader market has started to recover, but not every large trader has turned bullish. Lookonchain said pension-usdt.eth added another 10,000 ETH to a short position. That brought the total short to 60,000 ETH, worth about $101 million. The account had recorded 22 winning trades and more than $45 million in total profit, according to the tracker.

Other analysts reported mixed signals. Ali Martinez said the TD Sequential indicator had produced a buy signal for Ethereum. Analyst CW said Coinbase whales were placing short-term sell walls above the price. He argued that ETH could continue toward $2,000 if buyers clear that supply, but the claim remains a conditional market view rather than a confirmed outcome.

Falling exchange reserves support a tighter ETH market

CryptoQuant contributor Amr Taha reported that tracked Ethereum reserves across Binance, OKX, Gemini and Bitfinex fell by about 475,000 ETH in early June. Binance’s balance dropped by roughly 190,000 ETH, while Bitfinex lost another 180,000 ETH from its tracked reserves. OKX recorded the largest percentage decline.

Lower exchange reserves can reduce the amount of ETH readily available for sale, but withdrawals do not prove that holders plan to keep the assets long term. Coins can move to private custody, staking services or other trading venues. The reserve change therefore offers a supply signal, not a guaranteed price direction.

As previously reported by crypto.news, Ethereum briefly touched $1,500 during the June selloff after losing the $1,800 and $1,700 areas. Leveraged liquidations, weak ETF demand and broader risk aversion added pressure. The move left $1,500 as the nearest major support zone.

Ethereum now faces resistance between the recent daily high near $1,706 and the former support zones above $1,800. A break above those levels could place $2,000 back in focus. Failure to hold the recovery would return attention to $1,600 and $1,500, while the large whale short shows that bearish positioning has not disappeared.