An OG Ethereum whale just dumped $1.35B worth of ETH, and the timing could not be more uncomfortable for the ETH bull case. ETH is already down 35% against Bitcoin over the past year, sitting at $2,342 today while BTC prints $81K. When a wallet that has been dormant through multiple cycles suddenly moves that kind of size into the market, it is not a vote of confidence -- it is someone who has decided the risk/reward no longer works at these levels. The context makes it worse. ETH's upcoming Glamsterdam upgrade has been hyped as a catalyst, but the chart does not care about roadmaps. The ETH/BTC ratio is at multi-year lows. Staking rewards are compressing. L2s are eating transaction fees. And now a $1.35B sell from an OG holder adds real distribution pressure on top of already-weak price action. The stablecoin market hit $322B this week -- but that capital is clearly not flowing into ETH right now. The counter-argument: whales sell tops, not bottoms. If this is truly an OG distribution event, it might mean ETH is forming a base rather than collapsing further. But for the short term, that is a lot of sell pressure to absorb. ETH needs a catalyst that moves faster than the narrative can erode. Is this OG whale dump the final washout before an ETH recovery, or is there more downside ahead? #OGWhaleDumps1.35BETH