Ethereum Price Falls Below $3,720 as Whale Activity and Exchange Outflows Raise Questions
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Ethereum Ethereum (ETH) extended its losing streak on Wednesday, sliding by nearly 5% to around $3,713. The drop comes amid heightened volatility across crypto markets, where investor sentiment remains divided despite strong on-chain fundamentals pointing to long-term strength. According to CoinMarketCap data, Ethereum’s market capitalization stands at roughly $448 billion, with more than $39 billion traded in the past 24 hours. This marks one of the steepest daily declines for ETH in recent weeks, pulling the asset to its lowest level since early October. Major Wallet Movements Raise Eyebrows Analyst Ali Martinez highlighted an unusual spike in whale activity, reporting that over 230,000 ETH were moved by large holders in the past week. The transfers, likely involving exchange-linked wallets, have sparked debate over whether whales are preparing to sell or reposition their holdings. Big reshuffling confirmed! Over 230,000 Ethereum $ETH moved by large holders, likely exchanges, in the past week. https://t.co/hH7ehnha7s pic.twitter.com/esvoAqInp6 — Ali (@ali_charts) October 30, 2025 Such large movements can indicate several scenarios—ranging from exchange rebalancing to institutional reshuffling. However, these patterns often coincide with moments of elevated uncertainty in the market, especially when prices hover around critical support zones. Exchange Balances Continue to Shrink Adding to the intrigue, on-chain data from CryptoQuant shows that the total Ethereum balance held on spot exchanges has dropped to just 6.7 million ETH, the lowest in years. Analyst Crypto Rover noted that this persistent decline in exchange reserves could pave the way for a future supply shock, as fewer coins remain available for immediate sale. ETHEREUM SUPPLY SHOCK INCOMING! pic.twitter.com/yyHIFwRkO4 — Crypto Rover (@cryptorover) October 30, 2025 Typically, declining reserves are viewed as a bullish signal, suggesting that investors prefer to hold or stake their assets rather than trade them actively. However, the short-term reaction in price indicates that broader market…
Filed under: News - @ October 30, 2025 10:27 pm