Ethereum whale moves $254 mln after 6 years: Are buyers taking over ETH?

Key Takeaways

Ethereum stayed rangebound near $4,303 as a whale moved 58,938 ETH, while Exchange Outflows, Dormant Circulation and momentum indicators pointed to mixed signals. Can Ethereum reclaim $4,500?

Ethereum [ETH] has struggled to maintain an upward momentum after peaking at $4,800, consolidating between $4,200 and $4,600. At press time, ETH traded at $4,303, down 3.52% in the past week.

As the market cools down, investors, especially whales, are starting to move their holdings. 

Dormant Ethereum whale resurfaces

According to Lookonchain, a dormant whale woke up after 6 years and moved 58,938 ETH worth $254 million. 

Of this, 21,178 ETH, worth $91.54 million, went to Bitfinex, suggesting intent to sell.

Source: Lookonchain/X

When whales turn to selling during market stability, it signals a strategic exit or profit-taking, and their decision to sell can be interpreted as a lack of confidence. 

Yet Santiment data showed Dormant Circulation declined across long-term cohorts, pointing to selective exits rather than broad capitulation.

Source: Santiment

For instance, Dormant Circulation in the 180-day cohort declined from 189k ETH to 1,500 ETH at press time.

A similar drop occurred in the 2–5 year cohorts, where circulation fell from 18.8k ETH to 1.7k ETH.

This implies that dormant and long-term holders are not capitulating and have been strategically taking profits. 

Buyers still dominate the market

Although a dormant whale jumped to sell, buyers have gradually taken over the market. CryptoQuant data showed Exchange Outflows at 89,200 ETH, compared to 79,450 ETH in Inflows.

Source: CryptoQuant

This is why the altcoin’s Exchange Netflow declined to negative territory for the first time in two days. At press time, Netflow was -9.7k, reflecting higher outflows, a clear sign of aggressive Spot accumulation.

Momentum signals turn supportive

AMBCrypto’s analysis showed buyers absorbed whale-driven selling, leaving ETH’s price largely unaffected.

Meanwhile, Santiment flagged that Price DAA Divergence stayed positive, reflecting weaker on-chain demand despite market accumulation.

Source: Santiment

This left momentum metrics as the next key signal.

Source: TradingView

The ADX slipped to 18.3, while the DMI crossed bullishly with the Positive Index at 18.48. The Relative Vigor Index (RVGI) also remained above its signal line near -0.1129.

If buying pressure continues, ETH may reclaim $4,500 and test the $4,800 resistance.

But if on-chain demand fails to recover, the token risks falling below $4,200, with $4,078 as the next support.