ETH Price as Mid-Sized Whales’ Unrealized Gains Near 2021 ATH

Key Points 

• ETH whales sit on $45B in unrealized gains, nearing levels last seen during the 2021 market peak.
• Ethereum sees $1.8B stablecoin inflow in 24 hours, signaling strong capital movement.
• ETFs post mixed flows, with $1.9M net outflow as ETH tests the $4,700 resistance level.

Mid-sized Ethereum whales now hold unrealized profits approaching $45 billion, mirroring the peak levels recorded in November 2021. This profit buildup reflects strong market momentum, yet also raises concerns about potential selling pressure near previous market tops.

Historical patterns show similar profit surges often led to major price corrections, as seen in both 2018 and 2021. Therefore, current conditions may signal a critical market phase where traders reassess risk and positioning.

Stablecoin Inflows Signal Fresh Capital Movement

Meanwhile, Ethereum’s network saw a $1.8 billion stablecoin inflow within 24 hours, marking one of its largest daily surges ever. This increase outpaced flows to other chains and indicated Ethereum’s growing appeal as a capital base for DeFi and trading.

In contrast, chains like Solana and Tron reported combined outflows exceeding $1 billion, suggesting a rotation of liquidity into Ethereum. The sudden shift highlights ETH’s dominant liquidity status and growing investor preference during volatile conditions.

ETF Outflows Show Mixed Sentiment Despite Macro Tailwinds

However, on September 17, Ethereum ETFs recorded a net outflow of $1.9 million, despite the recent Fed rate cut aimed at boosting liquidity. Fidelity and Bitwise led the redemptions with sizable withdrawals, while BlackRock and VanEck posted moderate inflows.

ETF flow data remains inconsistent, with some days seeing outflows above $300 million, reflecting cautious institutional positioning. Although overall sentiment leans bullish, the ETF outflows show that larger players remain wary of short-term price movements.

Meanwhile, Ethereum trades just below the $4,700 resistance, a level seen as pivotal by analysts monitoring key breakouts. If ETH reclaims this threshold, the next target sits above $4,830, while rejection could prompt a drop toward $4,160 or lower.

Support levels between $4,000 and $3,850 may contain deeper corrections, though bulls still hold momentum amid ongoing capital inflows.