Ethereum News: $62M Whale Sale, $12M Compound Plan and $5K ETH Target The network is back in the spotlight this week. A large wallet nicknamed "7 Siblings" offloaded tens of millions of dolla
The network is back in the spotlight this week. A large wallet nicknamed "7 Siblings" offloaded tens of millions of dollars in coins, a Matrixport-linked trader banked a fresh profit while keeping a sizable bet open, and a public spat broke out over whether Coinbase deserves criticism for its holdings.
Add a new DeFi treasury plan, a bullish price call from a well-known macro trader, and fresh cryptography research from Vitalik Buterin, and it's a packed news cycle. Here's a rundown of what's moving the conversation today.
ETH Price today hits $2510.79, surging by $7.3% with a market capitalization of $303.56 and a 24-hour trading volume of $30.62.
Key Updates at a Glance
Development
Key Details
Sold 26,265.2 coins, worth about $62.47M
Matrixport-linked whale
Closed 40,000-coin longs for a $9.9M gain
Coinbase debate
Jesse Pollak pushed back on criticism
Compound treasury plan
Proposed moving up to $12M USDC into a vault
Sees a run toward $5,000 after $3,000
Vitalik's research
New paper on "local mixing" obfuscation
Foundation hiring
New academic engagement role posted
7 Siblings Offloads Over $62 Million
On-chain trackers report that the wallet known as "7 Siblings" has sold a cumulative 26,265.2 coins since August 21, worth close to $62.47 million at current prices.
The entity reportedly built its position about a week earlier, buying weakness before the recent move. Even after the selling, it's still sitting on more than $768 million on-chain. Traders watch wallets like this for their habit of buying dips and selling strength, though one wallet's activity is not a reliable signal of where prices head next.
Matrixport-Linked Whale Banks $9.9M, Stays Heavily Positioned
A separate whale tied to Matrixport took a different approach. It closed out 40,000 long positions worth roughly $100.5 million, locking in a $9.9 million profit. Even after trimming, the account still holds 80,000 coins and 500 BTC in longs, together worth close to $240 million, with unrealized gains near $22.9 million.
The book had previously been underwater by more than $92 million before swinging to a cumulative gain of about $32.8 million. One large holder is reducing spot exposure while another takes partial profits but stays heavily committed.
Lookonchain
An Ethereum Foundation member argued that recent criticism aimed at Coinbase is unfair, citing its decade-long role as a major customer, distribution channel, and infrastructure contributor. Base lead Jesse Pollak added that Coinbase has held around 150,000 coins over the years and built Base to settle on the network using it for gas rather than launching a competing chain.
He warned that harshly treating ecosystem participants for selling could push away important builders and users. The exchange has also contributed to projects like USDC, cbBTC, and account-abstraction standards. The episode reopened debate over whether holding versus selling should be treated as a loyalty test.
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Compound's Treasury Management Committee proposed allocating up to $12 million in USDC into a non-custodial vault curated by Steakhouse Financial.
The DAO would retain control over the funds, which the plan aims to deploy across prime repo, high-yield repo, term assets, and a smaller leveraged-yield sleeve, targeting a gross return of SOFR plus roughly 200 basis points. Steakhouse estimates about 35% could be withdrawn within a day and roughly 80% within a week, with no lockup and a flat 0.5% fee.
BitMEX co-founder Arthur Hayes said this is now his largest holding outside bitcoin, framing it as a low-probability-of-zero asset with plenty of room to catch up after lagging this cycle. He suggested a break above $3,000 could accelerate momentum toward $5,000.
Hayes also touched on bitcoin ETFs, telling investors that products like IBIT are now a cleaner way to gain exposure than MicroStrategy's stock, which he says is losing relevance as an institutional gateway to crypto. These remain his personal views, not guaranteed outcomes.
Laura Shin X Post
Vitalik Buterin Explores "Local Mixing" for Future CryptographyButerin published the third entry in his series on cryptographic obfuscation, this time examining a technique called local mixing. Rather than leaning on elliptic curves or lattice-based math, the approach borrows ideas from symmetric cryptography, using junk gates, random shuffling, and repeated substitutions to hide a circuit's internal logic while keeping its function intact.
The idea is still experimental and unproven, and he flagged risks such as random bit-flip attacks. If it matures, he believes it could support a new quantum-resistant public-key encryption method and potentially run more efficiently than fully homomorphic encryption in some cases.
Foundation Expands Academic Outreach
The Foundation is hiring an Academic Engagements Project Manager to strengthen ties with universities, research institutions, and academic communities worldwide. The role will coordinate research partnerships, design academic programs, and support funding initiatives. Candidates need at least three years of relevant management experience, with a PhD, research background, and subject familiarity considered a plus. The hire reflects continued focus on long-term research alongside short-term market news.
Date
Development
Aug. 21
Buterin publishes latest obfuscation research
Aug. 21
Hayes shares bullish outlook toward $5,000
Aug. 21
Foundation posts academic engagement role
Aug. 22
Compound proposes $12M USDC vault allocation
Aug. 22
Coinbase holdings debate intensifies
Aug. 22
7 Siblings' cumulative sales reach 26,265.2
Aug. 22
Matrixport-linked whale closes 40,000-coin longs
What Traders Are Watching NextGoing forward, watchers will likely track whether large holders like 7 Siblings keep distributing, whether whales such as the Matrixport-linked trader hold their remaining exposure, and how crypto price behaves around key levels like $3,000.
Between the Coinbase debate, new treasury strategies, and Buterin's ongoing research, this week's story spans both near-term trading activity and longer-term technical development — a reminder that the network's narrative is being written on multiple fronts at once.
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are volatile and involve significant risk. Always do your own research and consult a licensed financial advisor before making investment decisions.
