ETH Whales: "A Tale of Two Extremes"—Some Cash Out for Thousandfold Profits, Others Go on a $1.3 Billion Buying Spree

LostBetweenChains · 2025-11-22T04:38:56+00:00

Ethereum whale operation styles are showing significant divergence. Some whales are cashing out, transferring large amounts of ETH to exchanges, while other institutions are actively accumulating, demonstrating long-term optimism for crypto assets. This reflects the opposition between institutions and retail investors, and the market remains in a stalemate.

LostBetweenChains

2025-11-22 04:38:56

Abstract generation in progress

On-chain data shows a divergence in the operational styles of major Ethereum holders.

The Cash-Out Camp: A 2014 ICO participant has just activated a wallet dormant for 8 years, transferring 1,500 ETH (about $6 million) to Kraken. This asset was originally purchased for $6,200 for 20,000 ETH, and is now worth over $80 million—a 12,971x return.

The Accumulation Camp: Bitmine, in partnership with Fundstrat, recently made a massive purchase of 27,000 ETH ($113 million), setting a personal holding record of 3.34 million ETH, with a total value of $13.3 billion. This behavior reflects how institutions are incorporating crypto assets into their financial strategies, similar to the Bitcoin treasury reserve approach.

Interestingly, while these whales are aggressively accumulating at historic lows, some traders in the market are still shorting ETH—intensifying the opposition of institutions being bullish vs. retail being bearish.

The market is currently in a stalemate. Whose judgment do you trust more?

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