Ethereum has faced a notable sell-off recently, with the broader crypto market showing weakness. On-chain data reveals that a cohort of long-term whales, often referred to as ‘OGs’ by the community, have been actively cashing out. These addresses, which have held ETH for over a year, offloaded positions worth millions of dollars. The outflows occurred in tandem with the price decline, signaling a potential shift in sentiment among these seasoned participants.
Such large-scale selling by long-term holders is often interpreted as a cautious stance toward near-term price action. Given their low entry costs, these OGs can realize substantial profits even at current levels, and their decision to exit may weaken Ethereum's price support. The influx of ETH onto exchanges adds to the potential selling pressure, putting the asset at risk of deeper losses. Market watchers are now closely monitoring whether this trend could trigger a broader wave of selling, further intensifying the downward momentum.