Whales Scoop $350M in ETH, New ATH Incoming?

Key Insights:

• Whales accumulate over 79,000 ETH worth $350M, signaling strong institutional interest despite the ETF slowdown.
• Exchange outflows reduce ETH supply on platforms, suggesting investors are shifting toward long-term holding strategies.
• ETH breaks key $4,800 resistance, sparking speculation of a rapid move toward fresh all-time highs.

Ethereum has seen over 79,000 ETH bought in bulk across several wallets, totaling around $350 million. A known transaction includes 14,670 ETH, worth $65.3 million, transferred from Galaxy Digital to BitMine Digital. All transfers happened within one hour, suggesting the purchases were pre-planned.

Three other wallets, recently created, purchased 65,662 ETH via FalconX. The combined value of these trades was around $287 million. The wallets have no previous history, which raises questions. “It’s unclear who controls these wallets,” said one source. “But the size of the orders points to large players.”

ETH Continues to Leave Exchanges

Netflow data from August 4 to September 4 shows ETH is being withdrawn from centralized exchanges on a regular basis. Outflows peaked on August 12, August 22, and August 26, each day showing over 150,000 ETH removed from platforms.

Only a few days showed any meaningful inflows. This trend suggests holders are moving ETH to private wallets or other platforms, which reduces available supply on exchanges. This could limit short-term selling.

ETH Breaks Key Resistance on Weekly Chart

A recent chart from CryptoGoos shows Ethereum moving above the $4,400–$4,800 zone, which acted as resistance for more than a year. The price tested this level multiple times before breaking out. It has now retested the zone and moved higher.

The move is drawing attention from traders tracking long-term price levels. “The breakout has happened, but we’re watching for follow-through,” said one analyst. ETH is trading at $4,375, up 2% in the past 24 hours, with a 7-day decline of 4%. Daily volume stands at $31.99 billion.

ETF Activity Slows, but Buying Continues

Inflows into ETH-related exchange-traded funds have dropped, according to market trackers. This slowdown has caused debate over how much institutional demand remains. At the same time, large private wallets continue to add ETH.

“ETF numbers may have dropped, but the buying hasn’t stopped,” said one market participant. The mix of large private buys, steady outflows, and a breakout above long-term resistance is fueling talk of a move toward a new all-time high.