A prominent crypto wallet identified as thomasg.eth sold over $24 million worth of Ethereum (ETH) and Aave (AAVE) on Tuesday, according to on-chain data, triggering concerns of renewed selling pressure on the two digital assets.

On-chain analytics platform Lookonchain first reported the series of transactions, which included the sale of 11,409 ETH valued at approximately $23.47 million and 13,150 AAVE for $1.21 million. The sales were executed across decentralized exchanges.

The transactions imply an average selling price of approximately $2,057 for Ethereum and $92 for Aave. This significant liquidation by a single entity, often referred to as a whale, can inject substantial liquidity into the market, potentially overwhelming buy orders and leading to negative price action. Aave is a major decentralized finance (DeFi) lending protocol on the Ethereum blockchain with a total value locked (TVL) of over $5 billion, according to data from DefiLlama.

The move is being closely watched by traders as such large sales can signal a local top or a loss of confidence from a major holder. This action could lead to increased volatility and a potential re-test of lower support levels for both ETH and AAVE, especially if other market participants interpret the sale as a bearish signal and de-risk their own positions. The sale comes as Bitcoin continues to trade in a tight range, with its dominance affecting liquidity for altcoins like ETH and AAVE.

This article is for informational purposes only and does not constitute investment advice.