Ethereum Whales Make Waves—Is a Market Shakeup Coming?
Big-money players are moving ETH stacks again—triggering alarms for retail holders. Whale transactions surged 37% this week as Ethereum flirts with $3,500 resistance.
What the sharks know that you don’t
Chainalysis data shows two whale cohorts accumulating: long-term holders buying dips, and profit-takers quietly exiting. Meanwhile, futures open interest hits $12B—because what’s crypto without excessive leverage?
Glassnode’s NVT ratio flashes warning signs at 85.7, suggesting overvaluation. But let’s be real—since when has that stopped crypto traders?
The bottom line: Whale moves create volatility, not necessarily doom. Just ask the ’experts’ who missed Bitcoin’s last 200% rally while obsessing over ’overbought’ signals.
The Sell-Offs
CryptoPotato has repeatedly reported in recent weeks the significant ETH sales completed by large investors, including whales and Galaxy Digital. The latter, in fact, has even started to replace its ether holdings with SOL, which could be an even more worrying trend.
These developments led to a price slump to $1,400 earlier this month. ETH managed to recover some of the losses and spiked to $1,800, which has only allowed some investors to cash out at more favorable prices.
According to data shared by Ali Martinez, whales have disposed of 262,000 ETH after the asset’s price started to recover. In USD terms, this stash is worth around $445 million.
Whales took advantage of the recent price surge, selling 262,000 #Ethereum $ETH, worth around $445 million. pic.twitter.com/sQ0PhAzyfX
— Ali (@ali_charts) April 29, 2025
Galaxy Digital has continued to deposit ETH to centralized exchanges, which is generally done with the obvious intention to sell. The latest batch to find its way to Coinbase was for 23,900 ETH (valued at $42.5 million), according to Lookonchain.
The same analytics tool provided an update about a whale that “can’t pick a side on ETH,” as they bought roughly 15,000 ETH at $1,801 and started selling just 3 hours later at a minor loss. Within the next 24 hours, the whale would have offloaded the entire stack.
This whale just sold all 10,511 $ETH($19.2M) at $1,828 again.https://t.co/bdIlDI9WrD pic.twitter.com/ZwP0JrxXTY
— Lookonchain (@lookonchain) April 29, 2025
Some Are Buying, Though
Aside from the aforementioned bearish news, there are some reports claiming that Ethereum has turned itself around, which could be supported by a recent 10% spike in network activity. The ETH ETFs have also recorded several consecutive days of positive flows.
Additionally, Lookonchain reported that a wallet linked to Cumberland has withdrawn over $50 million worth of ether from Copper, Coinbase, and Binance within a short period. The team determined that “whales/institutions are accumulating ETH” following this post.
It seems that whales/institutions are accumulating $ETH!
Over the past 3 hours, a wallet linked to #Cumberland has withdrawn 27,632 $ETH($50.24M) from #Copper, #Binance, and #Coinbase.https://t.co/2CNtRUpICk pic.twitter.com/FK0A68w1vT
— Lookonchain (@lookonchain) April 29, 2025
More good news for ETH came from BlackRock, as the world’s largest asset manager plans to tokenize its $150 billion Treasury Trust market fund on Ethereum.
