- Galaxy Digital transferred 108,278 ETH OTC, boosting wallet 0x0b26’s holdings to $365 million.
- Ethereum Exchange Reserves fell 0.34%, suggesting holders are withdrawing ETH for long-term storage.
Galaxy Digital recently executed a massive over-the-counter (OTC) transaction, transferring 108,278 Ethereum [ETH] worth $283 million to wallet 0x0b26.
This move came after withdrawing 89,000 ETH ($233.5 million) from exchanges within 12 hours. The receiving wallet now holds 139,476 ETH valued at $365 million, confirming deep-pocketed interest.
OTC activity often avoids public order books, suggesting strategic, long-term positioning rather than speculative trading.
This kind of accumulation, especially amid low exchange reserves and stable prices, may reflect growing institutional confidence in Ethereum’s mid-to-long-term value trajectory despite ongoing market uncertainty.
Are whales tightening their grip on ETH?
The on-chain concentration data revealed a subtle yet meaningful shift. Whale holdings increased by 2.34% over the past 30 days, while investor wallets have grown by 4.12%.
In contrast, retail holdings shrank by 1.37%, indicating reduced small trader activity.
This divergence highlights a growing imbalance where long-term entities are absorbing supply as short-term traders exit.
Such a trend often precedes major breakouts when retail re-enters at higher prices during bullish continuation phases.
Source: IntoTheBlock
Besides, ETH’s transaction count surged most significantly in the $1M to $10M and over $10M brackets, which rose 143.47% and 285.71% respectively.
These metrics reveal growing confidence from large capital allocators. In contrast, transfers under $1 dropped sharply, underscoring low retail enthusiasm.
Historically, spikes in large transaction volume often foreshadow major price shifts due to whale accumulation or redistribution.
Stage set for a breakout
Ethereum’s Exchange Reserves dropped by 0.34%, continuing a longer-term downtrend. The current balance sits at approximately 18.7 million ETH.
When reserves decline, it often suggests investors are moving tokens into cold storage or personal custody, reducing the chance of sell-side pressure.
This behavior supports the accumulation thesis, as long-term holders typically withdraw from exchanges during consolidation.
Liquidation Heatmaps on Binance show dense short positions between $2,700 and $2,830. These zones represent potential short squeeze triggers.
If Ethereum pushes through these levels, forced buybacks could fuel a fast upward move. Notably, this liquidity build-up creates a battleground between bulls and bears.
Source: CoinGlass
A textbook bullish continuation pattern?
Ethereum is carving out a classic cup-and-handle structure on the daily chart. This bullish pattern is nearing completion, with $2,830 acting as the neckline.
A decisive breakout above this level could unlock a measured move toward $3,400. The pattern’s symmetry, combined with volume stabilization and rising accumulation metrics, reinforces its credibility.
Technically, this structure often reflects market consolidation before trend continuation.
If buying momentum persists and liquidation levels break, Ethereum could rally significantly in the weeks ahead.
Source: TradingView
Ultimately, all signs suggest Ethereum is building up for a major breakout. From rising whale and investor holdings to the clear technical structure forming, confidence appears to be shifting in favor of the bulls.
If the $2,830 resistance breaks, Ethereum could attract renewed interest and momentum, potentially accelerating toward $3,400.
