$220M ETH Flees Exchanges in 72 Hours—Is Ethereum’s Bull Run Just Warming Up?

Crypto’s second-largest asset isn’t sitting around waiting for ETF approvals. Ethereum just ripped $220 million worth of ETH off exchanges in three days—the kind of move that usually precedes fireworks.

Whales stocking up or traders going cold storage? Chain sleuths spot two possibilities: Either big players are accumulating for the next leg up, or everyone’s finally learning not to leave coins on sketchy platforms (looking at you, 2022).

Price action backs the hype. ETH’s hovering near multi-month highs while Bitcoin plays sideways—classic ’altseason’ behavior. Though let’s be real, in crypto, ’season’ just means the 0.1% are rotating bags before the next dump.

One thing’s clear: The smart money’s betting Ethereum’s infrastructure play beats out the ’digital gold’ narrative. Now if only those gas fees would take the hint and crash back to reality.

Besides this, market watchers have reported an additional outflows on the preceding days, with around 25,000 ETH ($61.83M) moved from Binance on May 18 and 30,000 ETH ($74.19M) from Coinbase on May 19. These figures align with a broader trend of declining exchange reserves, which have dropped from 18 million to 17 million ETH over the past month. 

Such large amounts of outflows are often interpreted as bullish, suggesting whales’ MOVE of transferring funds into self-custody wallets rather than keeping them on exchange wallets, which are more prone to hacks. 

The transfers also follow a multi-million-dollar ETH acquisition from Abraxas Capital, a prominent asset manager, which has purchased over $837 million of ETH in the past 14 days. 

Forget Altcoin Season, it’s Ethereum Season now!

As Ethereum continues to see reduced selling pressure, the question arises: is this the start of a new “Ethereum season”? With whale activity on the rise and market sentiment tilting bullish, ETH could be testing key resistance levels around $2,850 in the coming weeks. 

Moreover, Ethereum has now caught the attention of several prominent investors, with firms like VanEck and JP Morgan predicting it could reach as high as $11,800 by the end of 2025. 

Also read: Top 3 Institutional ethereum price Predictions for 2025