Ethereum price fell about 3% to $4,513 as whales withdrew over $208 million in ETH from exchanges, indicating long-term accumulation by large holders even as $108M+ in liquidations pressured short-term price action and heightened market volatility.
Whales withdrew $208M+ in ETH from exchanges within hours, signaling accumulation.
Over $108M in liquidations — 86% from long positions — contributed to the 3% price drop.
Regulatory delays on Ethereum ETF staking (BlackRock, 21Shares, Grayscale) weighed on sentiment.
Ethereum price drops 3% as whales withdraw $208M in ETH from exchanges — read analysis and what it means for investors. Learn more.
What caused the Ethereum price decline despite large whale withdrawals?
Ethereum price dropped roughly 3% after heavy liquidations and regulatory uncertainty outweighed large exchange outflows. Whale withdrawals totaling over $208 million signaled accumulation, but $108 million+ in derivatives liquidations and delayed ETF staking approvals pushed short-term selling pressure.
How much ETH did whales withdraw and which exchanges were involved?
On September 15, 2025, on-chain data showed major outflows totaling more than $208 million in ETH. Notable movements included a 4,208 ETH withdrawal (wallet 0x4d43) and 5,297 ETH (wallet 0x9D99) from Binance and Bitget. FalconX saw a 13,322 ETH withdrawal (wallet 0x7451), while Kraken recorded the largest single outflow of ~21,925 ETH (wallet 0x9d2E). These figures indicate significant exchange-to-wallet transfers by large holders.
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| Exchange | Wallet | ETH | Estimated USD Value |
|---|---|---|---|
| Binance / Bitget | 0x4d43 / 0x9D99 | ~9,505 ETH | ~$44.2M |
| FalconX | 0x7451 | 13,322 ETH | ~$61.6M |
| Kraken | 0x9d2E | 21,925 ETH | ~$102M |
| Total | ~44,752 ETH | ~$208M+ |
Why did liquidations contribute to the price move?
Derivatives liquidations exceeded $108 million during the same 24-hour window, with long positions making up about 86% of that volume according to available market data. Forced position closures created selling pressure in spot markets and amplified volatility, temporarily overwhelming the bullish signal from exchange outflows.
How are regulatory delays affecting investor sentiment?
U.S. regulatory reviews postponed approval of staking integration for proposed Ethereum ETFs, including filings from BlackRock, 21Shares, and Grayscale. The extended decision timelines raised uncertainty about institutional staking demand and created short-term hesitation among some market participants, compounding pressure from liquidations.
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Large outflows to private wallets generally signal accumulation, not immediate selling. However, short-term price pressure can still occur if liquidations and retail selling outpace buy-side demand.
Interpret accumulation in context: confirm wallet destinations, timeframe, and concurrent market events. Combine on-chain metrics with derivatives data for a clearer picture.
Ethereum price movements on September 15, 2025, reflect a tug-of-war between on-chain accumulation by whales and short-term selling driven by derivatives liquidations and regulatory delays. Tracking exchange flows, liquidation metrics, and official ETF rulings will be critical for investors assessing near-term risk and long-term demand for ETH.
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