• ETH’s supply on exchanges has risen 5% since Dencun.
• Whales were shorting ETH on exchanges.

Ethereum [ETH] extended its losing streak by plunging 9% over the last 24 hours.

The second-largest cryptocurrency has remained in the red since the activation of Dencun Upgrade, with weekly losses stretching to 18% at press time, as per CoinMarketCap.

Whales are cashing out

Wider market sell-offs were being witnessed, raising fears of a reversal in ETH’s bullish trend.

According to on-chain data tracker Spot On Chain, three whales reportedly liquidated a total of 26,946 ETH in the past four days to book nearly $40 million in profits.