- Whale wallets increased holdings to 16.793 million ETH as Exchange Netflows showed a sharp rise in outflows.
- A $398M USDT inflow and $540M ETH outflow on the same day signal aggressive repositioning by large investors.
Ethereum [ETH] fell to $2,492, shedding 3.73% in 24 hours, following a rejection near the $2,800 mark.
This pullback unfolded even as whale wallets ramped up accumulation and stablecoin inflows surged, hinting at a strategic repositioning behind the scenes.
However, short-term sentiment remains fragile.
While some traders appear to be exiting with losses, on-chain activity shows strategic buildup. This divergence creates uncertainty around ETH’s next move as key technical levels come into play.
Doubling down or signaling caution?
Whale wallets holding 10K–100K ETH have increased their holdings to 16.793 million ETH, suggesting strong accumulation.
At the same time, Exchange Netflows showed a sharp 84.22% weekly spike in ETH outflows, reinforcing a bullish long-term view.
However, one whale recently sold 10,543 ETH at $2,476, incurring a $2M loss in just two days.
This solitary dump, while eye-catching, doesn’t necessarily undercut the broader accumulation trend. Having said that, it does reflect the ongoing unease in a volatile market.
Source: CryptoQuant
What does $398M in USDT and $540M in ETH signal?
On-chain data revealed a significant shift: $398 million worth of Tether (USDT) flowed into Binance, while $540 million worth of ETH was withdrawn from centralized exchanges on the same day.
This marks the largest single-day ETH net withdrawal since early April, signaling that large holders are likely moving assets into cold storage or staking environments.
Meanwhile, the massive USDT inflow suggests whales are arming themselves with dry powder to accumulate more ETH as it trades within a perceived accumulation range.
Source: CryptoQuant
Of course, this dual move hints at more than chance. It suggests whales are circling with precision.
More users join Ethereum, existing users go quiet
Interestingly, Ethereum’s network saw an 18.73% increase in new addresses over the past week. Yet, Active Addresses dropped 3.18%, suggesting existing users have pulled back.
This divergence suggests that while long-term interest in Ethereum is growing, short-term engagement is cooling off.
Therefore, although new users are joining, existing ones may be waiting on the sidelines. This behavior is often seen during transitional market phases when investors hesitate before the next big move.
Source: IntoTheBlock
Ethereum’s Open Interest dropped by 3.29% to $16.02 billion, highlighting a reduction in speculative positions.
Traders seem to be closing leveraged bets after the recent price rejection at $2,800. This decline reflects risk-off sentiment as volatility spikes.
However, it can also signal that the market is resetting, clearing weak hands before the next leg.
Is ETH finding support or stalling at key Fib levels?
Ethereum recently touched $2,629, aligning with the 2.618 Fibonacci extension, before retreating.
The current price hovers near $2,492, sitting between critical support and resistance zones. Stochastic RSI shows neutral momentum with values at 61.31 and 51.47.
Therefore, ETH may be consolidating before a directional breakout.
Price action around this Fib level should be closely watched. If bulls hold above $2,292 (Fib 1.618), upward continuation remains possible.
Source: TradingView
Despite today’s drop, Ethereum shows strong whale support and rising stablecoin inflows. While short-term volatility has triggered isolated exits, broader metrics point to accumulation.
If buyers defend current levels, a rebound toward $2,800 remains possible.
