‘7 Siblings’ Whale Group Dumps Ether as Institutional Inflows Hit Records

Ethereum whale group “7 Siblings” has sold $88.2 million worth of ETH, marking their first major liquidation since accumulating 1.21 million ETH, amid surging institutional inflows, record network activity, and prices approaching all-time highs.

Large-Scale Liquidation

The Ethereum whale group known as “7 Siblings” has sold 19,461 ETH, valued at approximately $88.2 million, within a 15-hour window, according to blockchain analytics platform Lookonchain. This marks the group’s first major sale since amassing a total of 1.21 million ETH, currently valued at $5.6 billion. The transactions were executed at an average price of $4,532, just as Ethereum trades within 5% of its November 2021 all-time high of around $4,800.

Accumulation History and Strategy

Between February 3 and April 7, the whale group purchased 103,543 ETH worth $229.7 million at an average price of $2,219. This buying spree included a notable $42.2 million acquisition of 24,817 ETH at $1,700 in early April. Transaction data shows the assets are distributed across multiple wallets, pointing to a deliberate strategy to diversify holdings and obscure large-scale movements. Significant deposits have also been made into Aave v3, a decentralized lending and borrowing protocol.

Institutional Inflows

The sell-off comes during a period of heightened institutional demand. Ethereum exchange-traded funds (ETFs) have posted six consecutive days of inflows, totaling $523.9 million on August 12, following a record $1 billion single-day inflow earlier in the month. Corporate treasuries now collectively hold $16.4 billion worth of ETH across 64 companies, with BitMine Immersion Technologies topping the list at 1.2 million ETH valued at $5.27 billion.

The Ethereum Foundation also liquidated 2,795 ETH, worth about $12.7 million, in two transactions as prices hit yearly highs. This sale reduced the Foundation’s ETH holdings to just 99.9 ETH alongside 11.6 million DAI. 

The move has sparked mixed reactions within the community, with some viewing it as strategic profit-taking and others criticizing the timing.

Network Activity and Market Sentiment

Short-term holders are currently realizing around $553 million in daily gains, significantly outpacing the activity of long-term holders, according to Glassnode. Despite a 43% price surge over the past month, ETH remains 39% below the previous month’s peak levels. 

Meanwhile, global search interest for “Ethereum” has reached its highest point since 2021, with North Macedonia, Switzerland, Singapore, Slovenia, and Austria leading the trend. Ethereum’s network has also hit a record 1.875 million daily transactions, underscoring strong on-chain activity.

While some large holders are taking profits, others remain bullish. Over the weekend, BitMEX co-founder Arthur Hayes disclosed that he had re-entered the market, purchasing Ethereum just a week after selling $10.5 million worth when the asset traded at $3,507. The divergence in strategies highlights ongoing uncertainty over whether the current rally has further room to run or is primed for a correction.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice