A whale sold 7,200 ETH for $28.49M at $3,957 in the past 18 hours.

In a significant transaction, an Ethereum (ETH) whale has sold 7,200 ETH for $28.49 million in the past 18 hours. The sale occurred at a price of $3,957 per ETH, marking a notable event in the cryptocurrency market.

This transaction follows a trend of large-scale sales by whales, as seen in the recent sale of 4,422 ETH for $16.78 million by another whale. The whale in question sold their ETH at a profit of $1.69 million, indicating a strategic move to capitalize on market conditions .

The latest sale by the Ethereum whale is part of a broader trend of whale activity in the cryptocurrency market. According to a weekly market analysis, new whale wallets have accumulated over 225,000 ETH during market dips, valued at $819 million . This accumulation suggests that whales are using market downturns to buy the dip, a strategy often employed by institutional investors.

The recent market volatility has led to a cooling of trading activity across spot and derivatives markets. However, the underlying on-chain data indicates that institutional and whale investors are still actively accumulating assets. Publicly listed companies, including Strategy, have purchased over 31,000 BTC worth $3.61 billion in the past week.

The market may be experiencing a pause before entering its next phase of price discovery, as analysts predict Bitcoin (BTC) could touch $200,000 by the end of the year . The Ethereum whale's sale, along with other market activities, suggests that the market is setting the stage for a potential Q4 rally and continued price discovery.