A week of regular sales
The wallet, one of the earliest participants holding coins since the network’s early years, sold $55,000 ETH worth around $112.25 million and 9,442 wstETH worth around $24 million over the past week. The combined $136 million was offloaded at an average price near $2,041 per $ETH, according to on-chain data.
wstETH tokens are a form of encapsulated ether (wstETH), a liquid version of $ETH locked in the Lido staking protocol. Selling both the liquid and staked portions of a position suggests that a holder is largely reducing exposure rather than reducing a single tranche. As an early backer, the seller will likely make a substantial profit, given that ether was trading well below current levels during its early years.
The selloffs land at a tricky time for ether. Bitcoin.com News reported last week that a separate wallet dumped $20,000 ETH for $41.18 million in less than an hour as the $2,000 level became a critical support zone. This figure carries technical weight, as a decisive break below could trigger stop-loss cascades and prompt holders whose coins cost more than $2,000 to sell more.
Additionally, whale activity adds to a series of institutional outings. Spot ether and bitcoin exchange-traded funds (ETFs) bled for days, extending a losing streak. Persistent fund redemptions remove a constant source of demand, leaving the market more susceptible to large individual sellers.
Not everyone sells
The picture is not uniformly bearish. Even as OG cashed out, an on-chain whale accumulated $21,800 ETH worth around $47 million in a longer-term bet on Ethereum. Another address that sold $24.9 million worth of ether later bought back $17.5 million as prices stabilized.
For now, OG’s one-week drop serves as a reminder that some of Ethereum’s early backers are willing to take profits on weakness. Whether this sell-off peters out or accelerates a break below $2,000 will likely depend on ETF flows resuming and new buyers stepping in to absorb supply.
