Four long-dormant Ethereum wallets and several high-profile whales offloaded tens of thousands of tokens on Friday, June 26, 2026, as the market faced a critical price test at the $1,500 demand line. On-chain data tracked by Lookonchain and EmberCN monitoring revealed that addresses 0x71B…D412f, 0x92a…ae49D, 0x6C7…5C327, and 0xffd…5BeE5 sold a combined 33,623 ETH within a four-hour window.
The sudden activity from these “sleeping giants” occurred as Ether dropped to approximately $1,510 during a volatile Thursday sell-off on June 25. These four specific wallets, which originally acquired their holdings in 2018 for an average price of roughly $830 per token, realized a combined $52.46 million in proceeds.
Whale liquidations intensify market pressure
This movement is part of a broader trend where long-term holders are opting to exit positions during one of the deepest pullbacks of the current market cycle.
The selling pressure extended beyond these four wallets. A separate long-term whale liquidated a total of 37,598 ETH, offloading the final 20,000 ETH on June 26, 2026, at 08:24:28. This investor, who initially purchased the assets eight years ago at an average price of $829 per token, secured institutional proceeds of $58.69 million in USDS.
While Ethereum navigates key support, the constant influx of supply from dormant participants has complicated recovery efforts.
In another significant transaction, a whale identified by the address 0x0965 sold 27,585 ETH over a two-day period, as reported on June 26. These tokens were offloaded at an average price of approximately $1,625 per ETH, resulting in total proceeds of about $44.84 million. CryptoQuant analyst Darkfost noted that these sales shifted market dynamics as Ether struggled to hold its footing above psychological barriers.
The total volume of Ether from long-dormant addresses becoming active reached 37,806 ETH during this liquidation event. By the evening of June 26, Ethereum was trading near $1,582.97. Market sentiment has become increasingly cautious as traders like Ardi and Cyclops monitor the impact of a multi-billion-dollar options expiry that exacerbated the recent price volatility.
Institutional outflows and Federal Reserve policy impacts
Capital flight has also been observed at the institutional level. U.S. spot Ethereum ETFs recorded approximately $260 million in net outflows this week. This withdrawal occurs as professional investors reduce their exposure to risk assets following a hawkish economic outlook. The Ethereum recovery outlook remains under pressure as participants brace for potential macroeconomic headwinds.
Market participants are currently adjusting to expectations for three potential Federal Reserve rate hikes this year. This policy shift has bolstered the U.S. dollar, further dampening demand for cryptocurrencies. The current price action follows a significant decline from Ethereum’s all-time high of approximately $4,946, which was achieved in August 2025.
Compounding these issues is a systemic decline across the broader digital asset market. Investor Jelle and analyst Ali Charts noted that Ethereum has extended its weekly decline alongside other altcoins. Despite the localized turmoil, Ethereum co-founder Joseph Lubin has previously emphasized the network’s long-term utility, though short-term price discovery remains focused on the immediate supply overhang.
Key details
Technical experts are closely watching the $1,500 price point, which serves as a vital demand line for the network. As of Saturday, June 27, ETH is trading around $1,584.07, clinging to a narrow range after the heavy liquidations. The average selling price for the most recent whale activity remained between $1,560 and $1,565 per ETH, according to monitoring data.
This phase of the cycle is a major test for buyers. While Ethereum’s network outlook strengthens in terms of on-chain utility, the price is currently dictated by the exit strategies of the oldest holders. If institutional demand through spot ETFs does not return to offset the whale selling, the asset may be forced to retest the $1,510 lows established earlier in the week.
The redistribution of coins from 2018-era participants to newer investors marks a transition in the asset’s ownership structure. Whether the market can absorb these millions of dollars in liquidated ETH will determine if the $1,500 support remains a floor or becomes a new ceiling for the summer months.
For now, the focus remains on the “sleeping giants” that may still be waiting to wake and lock in profits.