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Current market data shows that Ethereum (ETH) whales are tired of holding onto their bags as the price's breakdown continues. According to data insights from crypto analytics platform Lookonchain, whales have sold at least 10,070 ETH in the past 24 hours.

Ethereum whale sell-off

Per Lookonchain data, three wallets, likely from the same whale, sold 10,070 ETH for 33 million DAI. Per the update, this whale conducted the sell-off when the price of Ethereum was $3,280. The whale lost $1 million through this transaction in an unusual show of desperation.

However, this Ethereum whale is not new to the game. They withdrew 24,029 Ethereum at $81.3 million from Binance exchange about three weeks ago. Despite the latest sell-off, this same whale still HODLs 13,959 ETH, worth about $45.48 million.

Notably, the Ethereum Foundation is also selling ETH. Whether this whale's sell-off is a new trend or specific to these entities remains uncertain. Notably, the price of Ethereum has continued to break down in line with the broader market. At the time of writing, the coin was changing hands for $3,177.05, down by 2.66% in the past 24 hours.

This price level is the lowest in seven days, a trend that explains why whales might be losing confidence in the asset.

Ethereum still attracting

Beyond the whale sell-off update shared by Lookonchain, a new report shows that most ETH holders are in it for the long term.

Ethereum is still very attractive as a digital asset and protocol. Developers are actively enhancing the protocol, with a line of upgrades in the pipeline. From the Pectra upgrade to Fusaka, the plan to enhance Ethereum’s usability this year remains high.

Cofounder Vitalik Buterin has always been vocal about his plans to connect Ethereum to real-world emerging technologies. From key projections in the coming decade to AI integration, ETH is considered one of the most promising projects to back by experts.