An Ethereum whale has quietly bought a massive chunk of ETH — 38,576 tokens worth roughly $119 million — in the latest sign of large-holder accumulation amid a stalled market. Where ETH stands - At the time of writing, Ethereum (ETH) traded around $3,117, up 0.22% on the day but down about 1.37% on the week. Price action has been largely sideways near the $3.1k area, leaving the market at a decision point and creating what traders call a “buying window,” particularly for large players. What the whale did - On-chain sleuths at Lookonchain report that a returning whale, back after a 23-day break, executed aggressive buys totalling 38,576 ETH (~$119M). To fund the trade the address borrowed 85 million USDT from Aave and moved the funds to Binance. - That latest addition brings the whale’s known stash to roughly 528,000 ETH (about $1.723 billion) with an average entry price of $3,261. All purchases were made within a 40-day span. - Because ETH trended lower during that period, the position currently shows an unrealized loss of about $105.7 million. On-chain supply signals - CryptoQuant data shows notable supply-side effects following heavy accumulation. The Exchange Supply Ratio (ESR) fell to 0.13 — a monthly low — indicating fewer coins are being deposited to exchanges while withdrawals outpaced deposits. - Exchange depositing addresses reportedly dropped to ~4k, versus ~17k withdrawal transactions, a pattern that reduces exchange inventory and can increase scarcity — often a necessary condition for sustainable price moves higher. Retail activity and market risks - Meanwhile, CryptoQuant’s Spot Average Order Size metric flagged elevated retail activity: high volumes of small orders for seven days in a row. Historically, rising retail participation can precede turbulent moves because smaller traders often have weaker risk management and may exit en masse, creating sharp reversals or false breakouts. - That dynamic helps explain why, despite significant whale buying and falling exchange supply, demand hasn’t yet produced a clear upward breakout. Technical pulse - Momentum indicators show the market’s strength is muted. The RVGI Space Value dropped to 0.029 after a recent bearish crossover (TradingView), signaling buyers haven’t fully retaken control. If downside momentum resumes, a slide below $3k is possible. - On the flip side, if continued whale demand and tighter supply translate into stronger buying pressure, ETH could recover toward $3.3k and potentially test the middle band of the Fibonacci Bollinger Bands near $3,622. Takeaway Large-scale accumulation by a whale has materially reduced exchange inventories and set the stage for potential upside, but retail-driven volatility and weakened momentum mean the path higher is not guaranteed. Traders should watch whether whales continue to withdraw supply from exchanges and whether spot demand broadens beyond small retail orders. Sources: Lookonchain, CryptoQuant, TradingView Disclaimer: This article is informational only and not investment advice. Crypto trading is high risk — do your own research before making decisions. © 2025 AMBCrypto Read more AI-generated news on: undefined/news

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