What Smart Money Is Doing Amid Ethereum’s 5% Rally

Ethereum’s (ETH) price edged higher over the past 24 hours, tracking a broader market recovery. At the same time, on-chain data showed both distribution and accumulation, signaling mixed investor positioning.

This divergence highlights continued market uncertainty, as ETH trades below key technical levels amid a broader downtrend.

Ethereum Market Split as Some Large Holders Sell While Others Accumulate

According to on-chain data highlighted by blockchain analytics platform Lookonchain, Ethereum co-founder Vitalik Buterin continued to offload ETH. The firm reported that Buterin recently sold 675.88 coins. 

Over the past month, his total sales have reached 11,422 ETH, valued at roughly $23.33 million. The transactions follow Buterin’s earlier disclosure that he had withdrawn 16,384 ETH and planned to strategically deploy the tokens for long-term goals over the next few years.

“His plan was to sell 16,384 ETH. About 70% is done,” Lookonchain added.

On-chain data from Arkham Intelligence indicates that the sales are ongoing, with additional ETH transfers linked to Buterin’s wallets.

Meanwhile, in a separate update, Lookonchain reported that Ethereum treasury company FG Nexus transferred 7,550 ETH, worth approximately $14.06 million, to Galaxy Digital.

The move follows an accumulation phase last year. In August and September 2025, the treasury firm purchased 50,770 ETH at an average price of roughly $3,860.

The firm later reversed course and began liquidating part of its position, offloading 21,025 ETH at an average price of roughly $2,649.

“They still hold 30,094 ETH ($57.5 million), with a total loss of $82.8 million,” the post read.

The sale comes as ETH’s price weakness continues to weigh on digital asset treasury firms. BitMine’s unrealized losses have climbed beyond $7 billion.

Despite the drawdown, the firm has continued to expand its position. Last week, BitMine acquired an additional 51,162 ETH, valued at more than $93 million. The latest purchase brought its total holdings to 4,422,659 ETH.

Besides institutional investors, whales are also active in the market. One large holder, identified as 0x2bd7, swapped 205 BTC worth $13.45 million for 6,973 ETH at an exchange rate of 0.02944.

Ethereum Posts 5% Daily Gain as Traders Watch $2,000 Breakout Level

So far, the recent sales have not weighed on Ethereum’s price. Over the past 24 hours, ETH climbed nearly 5%, outperforming the broader crypto market, which rose 3.28% during the same period. At press time, Ethereum was trading at $1,916.

Analyst Ted Pillows noted that Ethereum is showing signs of a bounce, but bullish momentum needs to strengthen.

“Until ETH reclaims the $2,000 level, it’s still likely that the entire pump could be retraced,” he said.

While large holders and treasury firms continue to adjust their positions, it appears Ethereum’s short-term trajectory remains closely tied to broader market momentum.