Ethereum Whale Opens $100 Million Short as Vitalik Buterin Vows to Sell Less ETH

On-chain activity by early Ether holders is often viewed as a gauge of long-term investor confidence and potential selling pressure. The address had held ETH for eight years before sharply reducing its position as the price approached the $1,500 level, drawing market attention. It nevertheless retained more than half of its original holdings and did not exit entirely.

On July 20, 2026, the whale sold 17,598 ETH within one hour for 27.245 million USDS at an average price of about $1,548. The sale represented about 46.8% of the original position. Several old wallets moved a combined 37,806 ETH over the same period, indicating that long-term holders were adjusting their positions.

The Ethereum whale drew market attention after profiting from a short position during the October 2025 cryptocurrency market crash. A large investor’s use of high leverage to build a short position may signal a more bearish near-term price outlook, though 20-times leverage also brings a heightened risk of liquidation if prices rebound.

Returning to the market after eight months of inactivity, the whale opened a $19.72 million short position in ETH with 20-times leverage as Ether fell to the $1,500 support zone. The position is estimated to generate a profit of about $2.39 million if the price declines further to the whale’s target of $1,375.

Early participants accumulated large amounts of low-cost ETH after Ethereum launched in 2015. Concentrated selling by these “OG whales” is often seen as a sign of weakening confidence and mounting sell-side pressure. The latest sales came as ETH fell below the psychologically important $2,000 mark, prompting investors to watch for a broader exodus by long-term holders.

On June 1, 2026, Lookonchain said the wallet had sold 55,000 ETH and another 9,442 ETH within a week, worth about $136 million in total at an average price of $2,041. ETH was trading at $1,980 at the time, down 2% on the day and 6.5% for the week. Glassnode found no evidence of a broad pullback by veteran holders, though analysts still warned that the price could fall to $1,500.

Ethereum co-founder Vitalik Buterin plans to pursue a five-year “mild austerity” blueprint, focusing resources on blockchain security, scalability, and the integration of AI with decentralized computing. The initiative could shape Ethereum’s technical roadmap and the allocation of funding across its ecosystem.

Vitalik sold more than $8 million worth of ETH in several transactions over the weekend of July 18–19, 2026, with the proceeds earmarked for the five-year plan. Ether had fallen about 60% from its peak, drawing greater market attention to the sale and how the funds would be used.