Ethereum Whales Mixed Signals: $540M Moves Off Exchanges
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Ethereum whales are sending mixed signals to the market with their moves. In the last 24 hours, the Ethereum price dropped 6%, sliding from $2,650 to $2,484. The sharp decline coincides with large-scale whale movements, out of which some signal panic and others show signs of strategic accumulation. Ethereum Whales Look to Move ETH Off the Exchanges According to Lookonchain, a whale dumped 10,543 ETH (worth $26.1 million) on decentralized exchanges at an average price of $2,476. This resulted in a $2 million loss over just 48 hours, as per on-chain data. Meanwhile, analysts at CryptoQuant reported that the Ethereum whales withdrew more than $540 million worth of ETH from centralized platforms. This was the largest single-day net ETH outflow since April. Analysts interpret this as a move to cold wallets or staking protocols, which is a classic sign of long-term holding. Binance’s Ethereum Reserves Drop by 300,000 ETH Adding to the accumulation narrative, Binance’s ETH reserves dropped from 4.1 million to 3.9 million ETH, wiping a 300,000 ETH of the largest CEX. This is a decline in ETH reserves on Binance that occurred within just one month (up to 14th May). This steady outflow is a reflection of the majority of users and institutions shifting towards self-custody or DeFi protocols. Large-scale withdrawals suggest long-term confidence in Ethereum, with investors possibly preparing for staking, private trades, or long-horizon holding. Lower reserves on exchanges can reduce sell-side pressure, especially if demand remains steady. ETH Price Action Ethereum price has dropped from $2,650 to $2,484 in the last 24 hours. And ETH’s total Exchange Reserves stood at $18.9 million, marking a 0.78% daily dip at the time of writing. Source: Crypto Quant Though the drop appears minimal, it highlights a cautious stance among investors. The broader accumulation trends seen across major wallets shows…
Filed under: News - @ May 17, 2025 1:15 pm