Ethereum Whale Offloads $17M Amid Bearish Sentiment and Market Correction

A dormant Ethereum whale sold $17 million worth of ETH at approximately $1,600, despite previously ignoring significantly higher price points, such as $4,000.

The ETH/BTC ratio plummeted to a multi-year low of 0.01855, highlighting Ethereum's persistent underperformance against Bitcoin in 2025.

Dogecoin experienced $11.26 million in liquidations, with short sellers bearing the brunt of the losses. The price subsequently rose to $0.1576 amidst a broader market rebound.

A long-inactive Ethereum address, originally funded in 2016 when ETH traded at $8, recently liquidated nearly $17 million worth of Ethereum. This "OG" wallet, dormant for over two years, sold its holdings at around $1,600 per ETH. On-chain data from Lookonchain, published April 10th, revealed the transaction, attracting significant market attention due to its unexpected timing.

The address notably avoided selling at Ethereum's historical highs, including the $4,000 range seen in 2021, instead choosing to liquidate during a market correction. This behavior mirrors that of other long-term holders who have historically sold during downturns. Concurrently, the ETH/BTC ratio on Binance reached a multi-year low of 0.01855 on April 9th, reflecting increased bearish pressure on Ethereum.

Ethereum's Continued Weakness

Ethereum currently trades at $1,555, down 1.38 percent from the previous day. This ongoing decline underscores its relative weakness against Bitcoin throughout 2025. According to CoinMarketCap, the ETH/BTC exchange rate has fallen 45 percent since January.

Market caution surrounds Ethereum's price, as it approaches its 2023 valuation levels. Analysts attribute this price movement to Bitcoin's capital flows and prevailing regulatory uncertainty.

Bitcoin's Resilience

In contrast, Bitcoin demonstrated resilience following a sharp dip earlier in the week. After falling to $74,700, it quickly rebounded to over $82,000 following positive U.S. political developments. The President's temporary suspension of proposed trade tariffs boosted investor sentiment, facilitating Bitcoin's recovery. IntoTheBlock's on-chain data confirms that over 85 percent of BTC holders remain profitable despite recent volatility.

Dogecoin's Unexpected Surge

Dogecoin saw $11.26 million in liquidations over a 24-hour period, with short traders incurring the majority of the losses. Despite this, the meme coin saw a modest 2.58 percent price increase, reaching $0.1576. Increased trading activity, evidenced by a rise in market capitalization from $22.47 billion to $23.46 billion, followed news of 21Shares' intention to list a Dogecoin ETP on the SIX Swiss Exchange.