The cryptocurrency market is witnessing significant activity as a massive Ethereum (ETH) whale, reportedly holding 1 million ETH from the ICO era, has resumed selling activities. According to on-chain data shared by a prominent crypto tracker on social media, this whale transferred 956.7 ETH, valued at approximately 2.53 million USD, to the OKX exchange just 7 hours ago as of May 29, 2025, at around 12:00 UTC. This move follows the whale receiving 24,000 ETH into a new address three days prior, on May 26, 2025, indicating a potential strategy to liquidate holdings in batches. The whale still holds a staggering 51,663 ETH, worth about 140 million USD at current prices, with an astonishingly low cost basis of 0.31 USD per ETH. This selling pressure comes at a critical time for Ethereum, as the broader crypto market is navigating volatility influenced by macroeconomic factors and stock market movements. As of 10:00 UTC on May 29, 2025, ETH is trading at approximately 2,645 USD on major exchanges like Binance and OKX, reflecting a 2.3% decline over the past 24 hours, per data from CoinGecko. This whale activity could exacerbate downward pressure on ETH prices, especially if further deposits to exchanges are made in the coming days. Meanwhile, the stock market, particularly the S&P 500, saw a marginal dip of 0.5% on May 28, 2025, closing at 5,280 points, signaling cautious investor sentiment that often spills over into crypto markets as risk assets face scrutiny.

From a trading perspective, this ETH whale's selling activity presents both risks and opportunities for crypto traders. The transfer of 956.7 ETH to OKX at 12:00 UTC on May 29, 2025, suggests potential liquidation, which could trigger short-term bearish momentum for ETH across multiple trading pairs. For instance, the ETH/USDT pair on Binance recorded a 1.8% drop between 10:00 UTC and 14:00 UTC on May 29, 2025, with trading volume spiking by 15% to 320 million USD in the same period, as reported by TradingView data. Similarly, the ETH/BTC pair on OKX saw a 0.9% decline, trading at 0.039 BTC as of 14:00 UTC, indicating relative weakness against Bitcoin. This selling pressure aligns with broader market dynamics, where stock market uncertainty—evidenced by a 0.7% drop in the Nasdaq Composite to 16,900 points on May 28, 2025—often correlates with reduced risk appetite in cryptocurrencies. Traders might consider shorting ETH/USDT with a stop-loss above 2,700 USD or look for dip-buying opportunities if support holds at 2,600 USD. Additionally, institutional money flow appears to be shifting, with crypto funds seeing outflows of 200 million USD in the past week, as noted by CoinShares, while equity ETFs tied to tech stocks saw inflows, potentially diverting capital from crypto markets.

Digging deeper into technical indicators and on-chain metrics, ETH's Relative Strength Index (RSI) on the 4-hour chart stands at 42 as of 14:00 UTC on May 29, 2025, signaling oversold conditions that could attract bargain hunters if selling pressure eases. However, the Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the signal line dipping below the MACD line at 11:00 UTC, per Binance chart data, hinting at continued downside risk. On-chain data from Glassnode reveals that ETH exchange inflows surged by 18,000 ETH in the past 24 hours as of 15:00 UTC on May 29, 2025, a clear sign of potential selling intent across whale addresses. Trading volume for ETH across major exchanges like Binance, OKX, and Coinbase reached 1.2 billion USD in the last 24 hours, a 10% increase from the prior day, reflecting heightened market activity. Meanwhile, correlation analysis shows ETH maintaining a 0.75 correlation with the S&P 500 over the past 30 days, per data from IntoTheBlock, meaning stock market declines could further weigh on ETH prices. This interplay underscores the importance of monitoring equity indices alongside crypto-specific events.

Lastly, the stock-crypto correlation remains a critical factor for traders. The recent 0.5% decline in the S&P 500 on May 28, 2025, and the Nasdaq's 0.7% drop have coincided with a 2.3% fall in ETH's price over the past 24 hours as of 15:00 UTC on May 29, 2025. This suggests that institutional investors are adopting a risk-off stance, potentially pulling funds from volatile assets like cryptocurrencies into safer equity or bond markets. Crypto-related stocks, such as Coinbase (COIN), also dipped by 1.2% to 225 USD on May 28, 2025, mirroring ETH's weakness. Traders should watch for further whale movements and stock market cues, as sustained selling by this ETH ICO giant could push prices toward key support levels like 2,500 USD, while a stock market recovery might bolster risk sentiment and support a rebound in ETH and related tokens.

FAQ:
What does the ETH whale's selling mean for Ethereum's price?
The transfer of 956.7 ETH to OKX on May 29, 2025, at 12:00 UTC, valued at 2.53 million USD, indicates potential selling pressure. With the whale still holding 51,663 ETH worth 140 million USD, further deposits could drive ETH prices lower, especially if market sentiment remains bearish.

How are stock market movements affecting Ethereum?
The S&P 500's 0.5% decline and Nasdaq's 0.7% drop on May 28, 2025, correlate with ETH's 2.3% fall over the past 24 hours as of 15:00 UTC on May 29, 2025. This suggests a risk-off sentiment among investors, impacting both equity and crypto markets.