A prominent Ethereum ICO whale has recently engaged in significant selling activity, unloading over $23 million worth of ETH despite the cryptocurrency’s price decline. This action has raised questions about whether a market bottom is approaching. 7,000 ETH valued at $12.94 million was deposited into Kraken on March 11th, shortly after Ethereum prices began to fall, followed by another $10.21 million deposit during the same period when the price dropped to $1,810. This follows a substantial decrease in holdings from the original 30,070 ETH to 23,070 ETH today. The whale’s activity mirrors recent trends in Ethereum ETF withdrawals as investors pulled $19.93 million worth of $ETH from these funds on April 3rd. Experts suggest this selling by the whale could indicate a bearish trend for short-term $ETH prices. The whale’s strategy aligns with market sentiment, which has seen strong selling pressure due to massive liquidations totaling $1.38 billion, including $393.60 million in ETH. This activity from the whale may signal his belief that Ethereum has reached its cyclical peak and could impact market dynamics as it navigates current challenges.