Ethereum wallets, long established, are selling off the asset at the fastest rate since 2021. The market is forced to absorb approximately 45,000 ETH received from early investors daily.
Following the latest wave of selling, the altcoin's price fell to $3,152.17 due to declining sentiment and long liquidations. Open interest in ETH fell to $17 billion after the latest round of liquidations.
According to Glassnode data, a significant portion of the selling occurred in wallets aged 3-10 years. Their owners are locking in profits to avoid another bear market.
The strategic sell-off of "whales" means Ethereum currently has more profit potential. The market-to-realized value (MVRV) ratio indicates an accumulation of wallets with significant unrealized profits.
A negative MVRV is a sign of market capitulation, something ETH hasn't reached even during previous sell-offs. Historically, the altcoin has exhibited negative values for months, especially during prolonged bear markets.
Currently, the MVRV has reached its 2025 high of 2.1, which could lead to selling pressure if some whales decide to increase their average price. ETH remains actively traded, with some of the supply still used for short-term swaps.
Meanwhile, retail investor sentiment towards Ethereum is at a one-year low. The ETH Fear and Greed Index is 29, indicating anxious trading sentiment.
Over the past 24 hours, the altcoin has fallen more than 9.3% to $3,168.