Ethereum Whale transfers over $135 million in ETH! Price nearing historical highs sparks market speculation.

As the price of Ethereum (ETH) breaks through $4,300 and approaches its all-time high, on-chain data shows that a Whale has transferred ETH worth over $135 million to a certain CEX exchange, raising market concerns about potential dumping pressure. While some traders see this as a signal to take profits, data indicates that 97% of ETH Addresses are still in profit, and market long positions sentiment remains strong.

Whale transfers 31,699 ETH attracting market attention

According to Whale Alert monitoring, a transfer involving 31,699 ETH (approximately 132.53 million USD) flowed into a certain CEX exchange. This occurred after ETH rose consecutively by 17%, reaching an intraday high of 4,348.15 USD, and is currently reported at 4,295.28 USD, only about 15% away from the historical high point of November 2021.

The market recalls the scenario of December 2024 - when ETH briefly broke through 4,000 USD and quickly fell back below 2,000 USD - and thus remains vigilant for possible pullbacks.

Early ICO investors small transfers, holdings still large

(Source: Nansen)

On-chain data shows that an original investor from the 2015 Ethereum ICO transferred 2,000 ETH (approximately 8.55 million USD) to a certain CEX exchange when the price of ETH reached $4,250.

The investor purchased 100,000 ETH for only 31,100 USD that year (with a cost of about 0.31 USD each), and to date, the total increase has exceeded 1.3 million times. Nevertheless, he still holds 58,000 ETH (approximately 248 million USD), indicating that this transfer accounts for only a small portion of his holdings.

Institution and renowned investors are synchronously increasing their positions

In addition to signs of dumping, there are also institutions and well-known investors increasing their positions against the trend.

Arthur Hayes (CIO of Maelstrom Fund and co-founder of BitMEX) transferred and increased his holdings of ETH worth 6.35 million dollars when ETH briefly broke through 4,300 dollars, while also allocating to Lido DAO, EtherFi, and Pendle. He once predicted that ETH could reach 10,000 dollars by the end of the year.

A “mysterious institution” accumulated 221,166 ETH (approximately $946.6 million) within a week, including a single-day purchase of 49,533 ETH (approximately $212 million), with transactions conducted through FalconX, Galaxy Digital, and BitGo.

Analyst Perspective: Structural Benefits and Short-Term Risks Coexist

DWF Labs Managing Partner Andrei Grachev stated that Whale accumulation usually indicates a coexistence of structural and short-term bullish factors, including stable staking yields, increased network usage, and expectations of macroeconomic interest rate cuts. He pointed out that some of the demand may be related to ETF capital inflows and institutional over-the-counter trading, which tend to be stickier.

However, he also reminded that when market concentration is too high, once the momentum weakens, the volatility may be amplified.

Frachtis CIO Xavier Meegan added that ETH’s position in institutional portfolios is becoming increasingly important, and regulatory clarity has enhanced institutional participation willingness. However, if legislative progress on market structure stalls, the value accumulation of DeFi tokens may be hindered.

Short-term Trends and Key Observations

Currently, ETH is priced at $4,242.46, with a 1.94% increase in the last 24 hours. Technical analysis shows that if it can hold above $4,300 and break through the resistance at $4,430, it will have the potential to challenge the historical high of $4,891.70. Conversely, if there is a large amount of dumping, it may retest the support level of $4,000 or even lower.

Investors should pay attention to the upcoming U.S. CPI data, which may affect the Federal Reserve’s policy and trigger market volatility.

Conclusion

The large transfers of Ethereum whales have drawn widespread attention as the market approaches historical highs. Although some fund flows to CEX may indicate profit-taking, there are also institutions and well-known investors continuing to increase their positions, showing that long and short forces are fiercely competing. The price trends in the coming days will depend on changes in macro data, whale activities, and market sentiment. For more real-time market data and on-chain data analysis, please follow the official Gate platform.