A small fish sells off nearly 52,000 ETH and incurs a loss of $28 million in one month.

The Ethereum market is once again showing warning signs as a whale decides to close all of its positions. Over the past month, this whale has continuously transferred ETH to exchanges, accepting huge losses to exit the market. This is not just a typical trading decision but also reflects the sentiment of big players when they can no longer withstand market pressure.

Arkham detects a large-scale liquidation campaign

According to data from Arkham, a leading blockchain analytics platform, this whale has carried out a major sell-off within the last 15 hours. Specifically:

• During this short period, the wallet transferred 18,100.2 ETH to exchanges
• The total value of this amount is approximately $41.99 million USD (based on current prices)
• If all sell orders are executed at the current price ($2.08K/ETH), this transfer alone would result in a realized loss of up to $14.48 million USD

This is just the tip of the iceberg. Blockchain data shows that this whale has been executing a much larger-scale sell-off campaign, ongoing for nearly a month.

From $2,577 down to current levels: the whale’s cut-loss journey

Even more concerning is the overall picture. Since January 20, this whale has continuously pushed a massive amount onto exchanges:

• A total of 51,780 ETH has been transferred to trading platforms
• The total value of all these transactions is around $133 million USD
• The average purchase price for this whale was $2,577 per ETH

With sales at significantly lower prices than the average purchase cost, the estimated total asset loss has reached $28.11 million USD. This is a huge loss that only those with strong financial backing could endure.

The whale has almost exited the market

After a series of relentless sell-offs, the status of this wallet has changed significantly:

• Only 1,128 ETH remain on the blockchain
• At the current selling rate, it’s highly likely that the remaining ETH will soon be transferred to exchanges to complete the full exit

This aggressive cut-loss action by a major whale is often a key market signal. When big players can no longer bear the enormous losses and decide to give up, it usually indicates that the market has nearly reached the bottom of extreme fear. In collective psychology, this is a sign of the final surrender by the large players.