Despite Ethereum’s current market structure resembling the double-top pattern of 2021, a new report from CryptoQuant indicates that large-scale investors (whales) have not begun exiting their positions — a notable contrast to what occurred in the final stages of the previous bull cycle.
In 2021, as Ethereum approached cycle highs, there was a sharp increase in transaction outflows, signaling that long-term holders were cashing out. This was a major red flag at the time — but today’s data tells a different story.
According to CryptoQuant:
- There has been no comparable uptick in ETH outflows in 2025.
- Whales remain on-chain, holding onto their Ethereum despite price volatility.
This suggests confidence in further upside or a reluctance to exit prematurely amid macro and ETF tailwinds.
Ethereum’s Dominance Declines, But Signal Still Relevant
While Ethereum’s market dominance has declined since 2020 due to the rise of competing L1 and L2 chains (such as Solana, Avalanche, Arbitrum, and Base), whale behavior on Ethereum still shows a strong correlation to Bitcoin’s broader price trends.
In other words, Ethereum whale activity continues to be:
- A reliable macro indicator of market cycle positioning
- A signal for broader market sentiment, especially when divergence appears between ETH outflows and price action.
What This Means
The absence of whale exits in the face of a potential double-top structure suggests:
- Bullish continuation is still possible, as major holders are not showing signs of profit-taking.
- Caution is still warranted, especially if future outflows begin to spike unexpectedly.
Ethereum could remain aligned with Bitcoin’s next move, given the continued correlation in transaction flow behavior.
Conclusion
While market structure resembles the 2021 top, the on-chain behavior tells a more patient, possibly optimistic story. Ethereum whales aren’t heading for the exits — yet.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/ethereum-whales-still-holding-no-exit-signs-yet/