On Sunday, the wallet transferred a total of 50,000 ETH, valued at roughly $145 million at current prices. The movement unfolded in two separate transactions, each totaling 25,000 ETH, executed within hours of each other.

A Wallet That Stayed Silent for Years

Blockchain analytics firm EmberCN identified the address as “0xb5…Fb168D6,” noting that it had remained inactive since 2017. At that time, the wallet withdrew approximately 135,000 ETH from Bitfinex, when ether was trading near $90.

The contrast is striking. What was once a portfolio worth just over $12 million has since appreciated dramatically, turning the address into one of the more notable legacy holders on the network.

Exchange Transfer Draws Attention

The latest transactions were sent to a wallet linked to Gemini, according to onchain data referenced by EmberCN and Arkham Intelligence. Transfers involving long-dormant wallets and centralized exchanges are often watched closely, as they can signal changes in portfolio strategy rather than routine internal reshuffling.

Following the transfers, the address still holds approximately 85,283 ETH, leaving a substantial balance untouched. The remaining holdings suggest the move represents only a partial repositioning rather than a full exit.

Old Wallets Stir Across Crypto Markets

The Ethereum activity comes as similar behavior has emerged elsewhere in the crypto market. Last week, a Bitcoin wallet inactive for more than 13 years moved 909 BTC, worth roughly $84 million, to a new address, reinforcing the sense that early-era holders are becoming more active.

Such movements do not always translate into immediate selling pressure, but they tend to increase short-term uncertainty as markets reassess supply risks tied to legacy holders.

Price Reaction Remains Measured

Despite the headline-grabbing transfer, market reaction has remained relatively contained. Ether fell around 2.8% over the past 24 hours to trade near $2,859 at the time of writing, while bitcoin slipped roughly 1.4% to $87,611.

For now, prices suggest caution rather than panic. Still, the reappearance of wallets untouched for nearly a decade adds another layer of tension to an already fragile market backdrop, particularly if additional transfers follow in the days ahead.

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This activity goes beyond isolated transactions. On-chain data points to a broader phase of position adjustments among large wallets. At a time when short-term price sensitivity is rising, increased ETH inflows to exchanges are directly influencing market psychology.

Whales Move Closer to Exchanges

Blockchain analytics show a clear concentration in large Ethereum transactions. A wallet tracked under the label 0xB3E8, which began accumulating ETH nearly eight years ago, transferred approximately 13,083 ETH—worth about $43.35 million—to the Gemini exchange last week. The wallet still holds 34,616 ETH, suggesting the move may not represent a full exit.

A similar operational shift emerged from Ethereum treasury firm FG Nexus. The company sold roughly 2,500 ETH, valued at $8.04 million, while maintaining a sizable balance of 37,594 ETH. With its previous sale dating back to November 2025, the timing of this transaction stands out.

Venture capital activity also reflects repositioning. A wallet believed to be associated with Fenbushi Capital reportedly sent around 7,798 ETH, worth approximately $25 million, to Binance. Notably, these funds had been staked for nearly two years, implying that the transfer may reflect strategic reallocation rather than pure liquidity needs.

Where Does Selling Risk Begin?

Market participants often interpret exchange inflows as early indicators of potential selling pressure. Centralized exchanges remain the primary venues for liquidity access and execution. However, such transfers do not always translate directly into spot sales.

Funds are frequently moved for internal rebalancing, collateral management, hedging strategies, or over-the-counter operations. As a result, rising exchange deposits increase short-term risk but do not automatically signal an imminent liquidation. The critical factor is whether these inflows become persistent.

Is U.S. Demand Losing Momentum?

Market-based indicators reinforce the on-chain narrative. The Coinbase Premium Index, which tracks the price difference between ETH/USD on Coinbase Pro and ETH/USDT on Binance, has remained in negative territory. This suggests weakening demand from U.S.-based institutional participants.

Historically, this metric turns positive during periods of strong institutional accumulation. Its current position points to a more cautious stance among U.S. investors.

A Different Story in Staking

In contrast, Ethereum’s staking data paints a more balanced picture. Validator queue data shows approximately 2.7 million ETH waiting to enter staking, creating an estimated 47-day activation delay. This backlog highlights sustained long-term commitment to the network.

Meanwhile, the exit queue remains limited to around 36,960 ETH. The imbalance between entry and exit flows suggests that while some large holders reduce exposure, the broader validator base continues to prioritize staking yields.

What Does the Technical Picture Suggest?

From a technical standpoint, sentiment is not uniformly bearish. Some analysts argue that Ethereum may be entering a renewed accumulation phase. Under this view, current price behavior reflects consolidation rather than an imminent sell-off.

Market commentator Crypto Gerla suggests ETH could be rebuilding momentum, with the $3,600 level re-emerging as a medium-term target. This scenario, however, depends on whether whale-driven exchange activity slows and U.S. demand stabilizes.

At present, Ethereum is navigating a delicate balance between selling pressure and staking-driven support. The data points to strategic profit-taking or risk management on the institutional side, while robust staking demand raises the possibility that incoming exchange liquidity could be absorbed without triggering sharp downside moves. How this balance resolves may shape not only price direction but also broader risk perception in the days ahead.

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Santiment described these addresses as “the main price indicator of 2025.” The network also gained 190,000 new wallets in a single day. This growth reflected a rapid expansion in on-chain activity. It also showed that Ethereum still maintains one of the strongest demand flows across the ecosystem. The data boosted expectations for short-term volatility. It further highlighted how investor behavior shifted after the upgrade.

Fusaka Upgrade Opens a New Phase for the Ethereum Ecosystem

The Fusaka upgrade improved performance and reduced rollup costs. It created a smoother connection between Layer-1 and Layer-2 infrastructure. Developer Terence Tsao confirmed the upgrade progressed without issues. He also said L2 chains continued to send blobs without interruption. His comments strengthened market expectations. They also highlighted developer confidence in the network.

“Fusaka went well and L2s kept sending blobs without disruption. Thanks to all teams, L1 and L2 now operate like a single machine.”

Fusaka is viewed as a milestone in Ethereum’s rollup-centric roadmap. The update expanded blob capacity and made transactions cheaper. It also strengthened user experience across decentralized applications. Bankless founder Ryan Sean Adams summarized the current momentum with strong remarks. He said developer motivation reached levels unseen since the Merge. This sentiment supported long-term optimism.

Meanwhile, daily gas usage exceeded 200 billion units on 3 December. It reached an all-time high on the same day Fusaka activated. This record revealed rising network activity. It also reflected strong demand for on-chain services.

Institutional Demand Builds as ETH/BTC Ratio Nears a Key Level

Market analysts pointed to new signals supporting Ethereum’s price direction. Ted Pillows noted that the ETH/BTC ratio approached a critical threshold. He added that reclaiming the 50-week exponential moving average could strengthen momentum. This move may also support altcoin markets. Analysts said institutional positioning became more visible. They emphasized that large moves often precede trend acceleration.

Institutional activity increased during the week. Tom Lee continued regular purchases and BitMine executed its third major ETH buy. Arkham Intelligence recorded two new wallets withdrawing 92 million dollars from Kraken and 58 million dollars from BitGo. BitMine now holds roughly 3.73 million ETH. This position reinforced market confidence. It further signaled long-term accumulation behavior among large entities.

Short-term charts showed 3,300 dollars as strong resistance. Meanwhile, support at 2,970 dollars remained intact. Analysts said price moves above this zone maintained a constructive outlook. Pullbacks were viewed as normal corrections. They added that trend strength relied on sustained network growth and institutional inflows.

Key Indicators to Watch in the Coming Sessions

The following metrics will guide Ethereum’s short-term outlook:

• Sustained price action above 3,300 dollars

• The protection of the 2,970-dollar support zone

• Network expansion and institutional inflows

• ETH/BTC ratio movements shaping broader market sentiment

• On-chain activity responding to the Fusaka upgrade

Ethereum’s rising network usage, strong investor demand and Fusaka-driven technical improvements shaped a positive market picture. These factors supported bullish expectations as the year approached its final weeks. Investors also focused on behavior signals from mid-sized whales. Their actions may continue to influence the broader market trend.,

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ETH is currently trading at $4,376, marking a 197% increase from its April bottom. Traders often monitor whale activity as a market signal. Large-scale selling usually signals weakness, while accumulation points to bullish expectations. 

Not all whales timed the market correctly. Some sold close to the bottom and later re-entered at higher levels. For instance, on May 22 a wallet bought 1,425 ETH for $3.8 million after selling 2,522 ETH for $3.9 million in April. 

ETF Inflows and Treasury Purchases 

Ethereum’s rally has been largely supported by ETF inflows and corporate treasury allocations. In June, Sharplink Gaming and BitMine Immersion Technologies made their first ETH purchases, during a period when ETH traded between $2,228 and $2,813. 

BitMine now holds $8.22 billion worth of ETH, making it the largest ETH treasury. Sharplink Gaming follows with $3.69 billion. Altogether, ETH treasuries own $15.83 billion in ETH, representing about 2.97% of the total supply. 

August proved strong for Ethereum ETFs, which recorded $3.87 billion in inflows. In contrast, Bitcoin ETFs saw $751 million in outflows. Meanwhile, some institutions shifted back to BTC. Arkham reported that ETFs sold $135 million in ETH while buying $332 million in BTC. 

Ethereum broke past its 2021 all-time high of $4,878, climbing to $4,934 on August 24. Fundstrat analyst Sean Farrell projects ETH could reach between $12,000 and $15,000 by year-end. On the other hand, some experts believe market focus will eventually return to Bitcoin 

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Blockchain analytics firm Arkham Intelligence reported Sunday that one unnamed address purchased approximately $300 million worth of Ether through OTC trades via Galaxy Digital. The address currently holds 79,461 ETH, valued at around $282.5 million. 

Meanwhile, institutional demand continued to rise. BlackRock’s iShares Ethereum Trust ETF saw a staggering $1.7 billion in inflows over the past 10 consecutive trading sessions. 

Institutional Demand and ETF Inflows Drive Ethereum Accumulation 

This rising interest is also reflected in Ethereum’s onchain ETF holdings. According to Dune Analytics, Ether held in ETFs surged by more than 40% over the past 30 days. 

Glassnode data confirmed a sharp increase in the number of Ethereum “mega whale” addresses. Since early July, more than 200 new addresses holding over 10,000 ETH have been added to the network. 

Many of these addresses belong to centralized exchanges, custodians, and ETF products—highlighting a strategic accumulation trend. 

Dip Followed by Buying Frenzy: How the Market Reacted 

Ethereum dropped below the $3,400 level over the weekend but rebounded on Monday, regaining the $3,560 mark. 

Monika Mlodzianowska, Director of Strategic Partnerships at CoinW exchange, noted that a cooling labor market initially triggered investor caution. However, renewed expectations for monetary easing are likely to fuel liquidity and bolster crypto prices. 

During the same period, Eric Trump — son of U.S. President Donald Trump — urged his followers on X to “buy the ETH dip.” Meanwhile, CNBC referred to Ethereum as “Wall Street’s invisible backbone” in a Saturday feature. 

Historically, Ethereum’s August performance has been mixed. The asset posted double-digit losses in 2023 and 2024 but soared over 35% in August 2021 during the bull run. As a result, investors remain focused on both historical patterns and onchain signals. 

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The company has already begun actively deploying the acquired Ethereum by staking it on the decentralized finance platform Aave. Following this move, the platform’s total ETH holdings have reached 73,616 tokens—equivalent to a portfolio valued at around $275 million at current market prices. 

ETH ETF Inflows Fuel Institutional Demand 

On the same day, spot Ethereum ETFs recorded $533.9 million in net inflows, while spot Bitcoin ETFs saw outflows of $67.9 million. This divergence highlights increasing investor interest in Ethereum over Bitcoin. 

Trump-backed World Liberty Financial has been steadily increasing its ETH investments in recent weeks. The firm recently acquired an additional 3,007 ETH for $10 million, with an average price of $3,325. It had also made another purchase of 1,587 ETH back in May. 

Meanwhile, the platform’s native token, WLFI, is expected to launch within two months. The project team recently announced that the “full awakening” phase is scheduled to roll out over 6–8 weeks. 

Ethereum Demand Grows with Institutional and Whale Activity 

Beyond World Liberty, several major players are accumulating ETH. SharpLink, Bitmine, and asset management giant BlackRock have recently expanded their Ethereum positions. 

Another notable initiative is Ether Machine, a new $1.6 billion ETH-focused project backed by heavyweights like Pantera Capital, Electric Capital, and Kraken. Additionally, Ethereum whales are showing signs of return: a dormant ICO whale recently reactivated their wallet after a decade of inactivity. 

World Liberty’s strategic ETH investments highlight the scale of institutional interest, which also had a visible market impact. Following the purchase, Ethereum’s price rose by 2% within 24 hours, reaching a daily high of $3,763.

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The company acquired 60,582 ETH in the past five days alone, spending approximately $180 million. In the last 24 hours, it added another 16,374 ETH, boosting its investment by $50 million. The ETH stash was built at an average price of $2,667. 

SharpLink’s total ETH position now reflects an unrealized profit of $81.8 million. This move is widely seen as an Ethereum-focused strategy similar to MicroStrategy’s Bitcoin (BTC) playbook. 

OTC Deals and Growing Institutional Demand for Ethereum 

Last week, SharpLink attracted attention by closing a 10,000 ETH deal directly with the Ethereum Foundation. These over-the-counter (OTC) transactions helped avoid market volatility. 

On-chain data from EmberCN confirms the total ETH holdings, while investors are increasingly turning to SBET shares. The stock has surged 60% in the past month and 275% since the start of the year, signaling growing institutional interest. 

Meanwhile, other firms like GameSquare have started building their own ETH reserves in response to this bold move. 

Ethereum ETFs Break Records as Price Surges Past $3,000 

Ethereum’s price has climbed 18% over the past week, breaking above the $3,000 mark. Daily trading volume rose 43% to $25 billion, showing strong market momentum. 

Institutional interest became even more evident with $900 million inflows into Ethereum ETFs last week — the strongest weekly inflow since their mid-2024 launch. 

Eric Jackson, founder of EMJ Capital, stated that staking-enabled ETH ETFs are expected before October 2025. He emphasized this could make Ethereum the first yield-generating crypto ETF in U.S. history. Analysts predict $10,000 ETH is a likely outcome if expectations hold. 

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ICO Whale Sells ETH After 10 Years 

The first whale showed no movement for about two years. However, in the past hours, they made a test transfer of 1 ETH and then moved 500 ETH (approximately $1.29 million) out of the wallet for sale. This ETH OG (original gangster), who holds ETH since 2014, had previously sold a total of 4,786 ETH in two separate transactions in 2023, with the total sale value reaching $7.15 million. 

An #Ethereum OG sold another 501 $ETH($1.29M) an hour ago after being dormant for 2 years and still holds 8,052 $ETH($20.43M).https://t.co/5kekTXIaZC pic.twitter.com/4PLBTbkS7h

— Lookonchain (@lookonchain) June 17, 2025

The second major move is even more striking. An investor who participated in Ethereum’s initial coin offering (ICO) in 2014 awakened after nearly 10 years and transferred all their holdings. This investor sent a total of 2,000 ETH (about $5.13 million) to Binance a few days ago. 

Ethereum’s volatility this week is also notable. ETH rose by 6.65% on Sunday but lost over 5% on Monday. At the time of writing, ETH is trading around $2,580. 

June 16 Update:

10 #Bitcoin ETFs
NetFlow: +2,864 $BTC(+$305.87M)#iShares(Blackrock) inflows 2,272 $BTC($242.6M) and currently holds 671,795 $BTC($71.74B).

9 #Ethereum ETFs
NetFlow: -3,748 $ETH($9.84M) #Fidelity outflows 3,496 $ETH($9.18M) and currently holds 465,263… pic.twitter.com/f5PH5lbyXB

— Lookonchain (@lookonchain) June 16, 2025

Additionally, significant outflows were recorded from spot Ethereum ETFs. On June 16, there was a net outflow of $10 million. Fidelity Ethereum Fund experienced the largest withdrawal, removing 3,496 ETH. Invesco Galaxy withdrew 172 ETH, Grayscale Ethereum Trust 78 ETH, and Grayscale Ethereum Mini Trust only 2 ETH. 

There are currently 6,392 wallets holding between 1K and 100K Ethereum. Over the past month alone, these key whale and shark wallets have rapidly added more coins as retail traders have taken profit.

During these past 30 days, a net of +1.49M more $ETH has been accumulated by… pic.twitter.com/1hPBTuAOrL

— Santiment (@santimentfeed) June 13, 2025

Although daily outflow data was negative, the weekly net flow was quite positive. Over the past week, a total of 191,057 ETH entered ETFs. This shows long-term investors’ confidence in ETH. At the time of writing, ETH is trading at $2,566. According to analysis platform Santiment, large investors holding between 1,000 and 100,000 ETH wallets accumulated a net 1.49 million ETH in the last 30 days. These purchases increased their holdings by 3.72%. Santiment data shows these investors currently hold 26.98% of Ethereum’s total supply, which has significant potential to influence Ethereum’s price movements. 

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The Biggest Bitcoin Whales Since February

As Bitcoin dropped from $71,650 on June 7 to roughly $69,000, daily intakes into Bitcoin Whale accounts ranged between 1,300 and 2,200 Bitcoin. Days later, the price dropped once further, and on June 11, a huge day with 20,600 bitcoins moving into whale accumulation addresses occurred. The information hasn’t yet been updated since June 12, when Bitcoin’s price momentarily surged following better-than-expected CPI numbers. At the time of writing, the price of Bitcoin is currently at $67,500.

Lowering Bitcoin Reserves: Strengthening the Market

Onchain intelligence platform Santiment reports that the increase in whale behavior matches the declining supply of Bitcoin on cryptocurrency exchanges to 942,000—its lowest level since December 22, 2021. Declining Bitcoin reserves usually point to a rising market where investors expect increasing price movement over the mid- to long-term.

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CoinGecko reports that Bitcoin is still down 8.45% from its all-time high price of $73,737 reached on March 13.

Comparative Patterns in Ethereum and Bitcoin Whale Activity

Ethereum whales were clearly active, just as Bitcoin whales were gathering. Based on Santiment data, industry researcher Ali Martinez claims that Ethereum whales have purchased approximately 240,000 ETH  valued at around $840 million at current pricing. But unlike Bitcoin, Santiment observed that the quantity of Ethereum on cryptocurrency exchanges has grown lately.

Santiment data shows that 17.98 million Ethers (valued at $63.1 billion) are presently kept on cryptocurrency exchanges. From $3,815 on June 7 to $3,510 at the time of writing, ether is down 8%.

These divergent tendencies in Bitcoin and Ethereum whale activity draw attention to the dynamic character of the cryptocurrency market, in which several assets might show diverse patterns of accumulation and distribution.

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