Ethereum is facing significant selling pressure despite a modest gain in recent days. ETH has gained more than 5% in the last 7 days, but it is still down 20% in the last 90 days. This contrast between short-term gains and long-term declines creates uncertainty for investors.
Two major institutions, Cumberland and ParaFi Capital, have decided to sell significant amounts of ETH amid this rally. According to Lookonchain data, Cumberland sent 11,800 ETH (approximately $31.88 million) to Coinbase, one of the company’s largest sell-offs. Earlier, on August 26, Cumberland also sent 6,439 ETH (approximately $17.66 million) to Binance.
ParaFi Capital also took advantage of Ethereum’s recent rally by withdrawing 5,134 ETH (worth about $13.83 million) from the Lido platform and moving it to Coinbase Prime to sell.
In addition, an Ethereum “ancient whale” that has been quiet for the past four months has sold another 12,979 ETH worth about $34.3 million. This is the first time this whale has been active since withdrawing 21,623 ETH from ShapeShift and Poloniex in 2016 at a price of $7 per coin. Since May, it has sold over 15,500 ETH for a total of $43.5 million.