The current market data reveals that Ethereum (ETH) whales have been selling off their holdings as the price of ETH continues to decline. According to data from Lookonchain, three wallets, likely belonging to the same whale, sold 10,070 ETH for 33 million DAI. This sell-off resulted in a loss of $1 million for the whale, indicating a sense of desperation. However, despite the recent sell-off, this whale still holds 13,959 ETH, valued at approximately $45.48 million. The Ethereum Foundation is also reported to be selling ETH, but it is unclear if this sell-off trend is specific to these entities. The price of Ethereum has been experiencing a downturn, reaching its lowest level in seven days. Nevertheless, a new report suggests that most ETH holders are in it for the long term due to the attractiveness of Ethereum as a digital asset and its ongoing protocol upgrades.



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