Whale Moves $408M in Ethereum as Price Holds Near $2,600: Is a Drop Coming?

Highlights:

• Whale sends 120K ETH ($317M) to exchanges, 34K ETH still unstaked
• ETH drops 2.77% despite bullish signals like golden cross and ETF inflows
• BlackRock buys $1.48B ETH while long/short ratio leans bullish across exchanges

Ethereum faces fresh uncertainty as a large whale moved over 155,000 ETH worth $408 million into exchanges. This activity comes amid otherwise bullish market signals, including a golden cross and rising institutional flows.

While the overall crypto market leans positive, ETH increased 2.77% to $2,626, and also logged its second straight week of ETF inflows.

Whale Sends Over 120K ETH to Exchanges

On-chain data from Lookonchain confirms that a whale, likely linked to Arthapala, moved 155,837 ETH starting June 10. Of this, around 120,918 ETH worth $317 million has already been deposited to exchanges. Around 34,919 ETH remains unstaked and idle, valued at $91.6 million.

The whale transfer coincided with Ethereum trading near a key resistance level, while the price remains above Ichimoku cloud support. At the same time, the RSI hovers just below long-term trend resistance, indicating a potential inflection point. If selling pressure continues, it could challenge this technical structure and affect short-term momentum.

Yet, institutional demand appears to balance short-term selling. BlackRock alone has accumulated $1.48 billion in ETH over the last two months. While this helps absorb sell-side liquidity, market sentiment remains cautious.

On-Chain Metrics Flash Mixed Signals

Monthly Ethereum transactions are rising, approaching 2021 levels, according to TedPillows’ chart data. This suggests growing network activity and adoption, which typically supports price strength. Meanwhile, derivatives show a long bias across top exchanges.

Long/short ratios remain above 50% on Binance, OKX, and Bybit, signaling that traders expect upside continuation. On KuCoin and Gate, long interest also dominates, backed by strong open interest growth. However, liquidations remain elevated at $138.93 million across the market.

Despite whale moves, the broader momentum is leaning bullish, supported by inflows and ETF exposure. Ethereum’s golden cross and RSI breakout could still drive a rally if selling eases. 

ETH Consolidates as Macro and Flows Support

The total crypto market cap stands at $3.54 trillion, with ETH accounting for a growing share. Bitcoin rose 0.45% to $108,734, while Ethereum gained 2.77%, extending its relative strength. BTC dominance slipped 0.6%, highlighting ETH’s expanding market influence.

Fear and Greed Index sits at 66, signaling moderate greed, while the Altcoin Index remains subdued at 28. This shows room for upside across ETH and large caps if sentiment strengthens. ETF inflows into Ethereum continue, sustaining institutional interest despite recent whale activity.