Old Wallets Unload 33K ETH Amid Ethereum Price Test

Four old Ethereum wallets have sold 33,623 ETH at an average price of $1,560 each. This sale is significant because it occurred as Ethereum tested a much lower zone, near $1,575.

The wallets in question received 37,602 ETH about eight years ago and had been quiet since then. They now hold more than $4 million in unrealized gains. The sale of these coins puts pressure on Ethereum's current price level, making the $1,500 zone a demand test for buyers.

ETF outflows have also complicated the market situation. Spot ETH ETFs saw net outflows from June 22 through June 26, reducing one of the cleaner channels for fresh spot demand. At the same time, Ethereum still has the deepest on-chain base in crypto, with about $37.2 billion in DeFi TVL and more than $155 billion in stablecoins on the network.

To recover, Ethereum needs new spot demand to absorb coins from holders who waited years before selling. The market is now asking whether Ethereum's fundamentals can translate into buying at this moment when some of ETH's oldest holders have decided to leave.