- Dormant whale moved 59k ETH, sending $91M to Bitfinex, hinting at selling pressure.
- Long-term holders are trimming selectively, not capitulating.
- Buyers dominate with higher outflows, and technical momentum leans bullish.
Ethereum has been trading sideways since topping out at $4,800, holding between $4,200 and $4,600. At the time of writing, ETH sits at $4,303, down 3.5% this week. With the market cooling, large investors are starting to shift their strategies.
Dormant Ethereum Whale Moves $254 Million
A dormant whale wallet woke up after six years, transferring 58,938 ETH worth $254 million. Of that, 21,178 ETH ($91.5M) went to Bitfinex, often a sign of selling. While such moves raise concerns of profit-taking, Santiment data shows this isn’t widespread capitulation. Dormant circulation in long-term cohorts dropped selectively: the 180-day group fell from 189k ETH to just 1.5k, and the 2–5 year group from 18.8k to 1.7k.
Ethereum Buyers Absorb Whale Selling
Despite the whale’s activity, buyer demand is dominating. Exchange flows revealed 89,200 ETH in outflows compared to 79,450 ETH inflows. This pushed exchange netflows to -9.7k, the first negative reading in two days. Negative netflows usually point to strong accumulation, with investors pulling ETH off exchanges rather than selling.
Ethereum Momentum Signals Turn Bullish
Momentum indicators are leaning positive. The ADX slipped to 18.3, but the DMI flipped bullish as the positive index crossed above the negative. The Relative Vigor Index also stayed above its signal line, signaling underlying strength. Still, Santiment flagged weak on-chain demand through its price-to-active-address divergence. If demand recovers, ETH could retest $4,500 and push toward $4,800. Otherwise, it risks dipping under $4,200, with $4,078 as the next support.
