Ethereum Whales Strike Again: Galaxy Digital’s $42M Move Sparks Market Jitters

Another day, another whale playing puppet master with crypto markets. Galaxy Digital just dropped a cool $42 million into Ethereum—because what’s volatility without a little institutional spice?

The big-money move sent ripples through trading desks, with some calling it a ’strategic accumulation’ and others whispering about potential market manipulation. Because nothing says ’decentralized’ like a single entity moving the needle 5% in an afternoon.

Meanwhile, retail traders scramble to decode the whale’s intentions while ETH derivatives flash warning signs. Just another Tuesday in crypto’s casino economy—where the house always wins, even when there isn’t one.

Source: IntoTheBlock

Price structure analysis: Key levels to watch

Ethereum has successfully broken out of a falling wedge pattern, a technical formation typically associated with bullish reversals.

The breakout has propelled the price above the $1,800 mark, with $1,830 now acting as an immediate support zone.

However, Ethereum faces resistance around the $1,850 region, and a clean move above this level could open a path toward the $2,200 and $2,400 targets.

On the downside, failure to hold $1,830 could see Ethereum retest support levels NEAR $1,670. Therefore, price action around these critical zones will be decisive for the next major move.

Source: TradingView

Growing speculative appetite but mild conviction

Derivatives data reflects a spike in speculative interest. ETH’s perpetual trading volume surged 48.61% to $44.67B, while Open Interest climbed 1.74% to $21.01B. Options markets also followed suit, with volumes up 35.71%. 

However, Funding Rates on Binance remained nearly flat at +0.008%, showing that while leverage has increased, traders were cautious. This neutral bias suggests that conviction is still forming and not overly aggressive.

Source: CoinGlass

Is the market still in accumulation mode?

On-chain metrics pointed toward a continued accumulation phase. The MVRV Z-score was -0.67 at press time, indicating that most ETH holders were underwater, which historically correlates with accumulation zones. 

Additionally, the neutral Funding Rate aligned with low-risk sentiment among derivatives traders.

Therefore, even with whale inflows, profit-taking appeared limited, and the broader market may still be preparing for a larger move.

Source: Santiment

Ethereum’s recovery is underway but faces mixed signals. While exchange supply continues to fall and MVRV suggests accumulation, whale deposits and rising derivatives exposure introduce uncertainty.

Ultimately, the ability to flip $1,950 into support will determine whether Ethereum can reclaim bullish momentum or if it remains vulnerable to another correction.