While the broader crypto market has been cautious this February, a major on chain move has drawn serious attention.

According to Onchain Lens, an early era crypto holder from 2010 to 2011, often called a Bitcoin OG, transferred 261,024 ETH worth about 543 million dollars to Binance.

For over a decade, this investor held through multiple bull runs and crashes without moving funds. A transfer of this size to the largest exchange in the world often signals a potential intent to sell, which can pressure prices.

That said, the whale still holds more than 808,000 ETH, valued around 1.66 billion dollars. This does not look like a full exit. It looks more like profit taking or portfolio adjustment.

Ethereum price at the time of transfer

When the funds were moved, Ethereum was trading at 2,089.30 dollars, up 0.89 percent in the previous 24 hours.

The short term bounce gave retail traders some relief. But zoom out and the picture is weak. Over the past month, ETH is down 37 percent. That confirms a broader downtrend.

Large holders often use small relief rallies to offload part of their positions. A similar pattern appeared in December when big wallets sold into minor pullbacks of 3 to 8 percent, limiting upside momentum.

Technical signals remain fragile

Momentum indicators still suggest caution.

RSI remains low, which means sellers continue to dominate. MACD has printed small green bars, hinting at short term buying pressure. However, both lines remain below baseline levels. That does not confirm a trend reversal.

Institutional flows show mixed signals. On 13 February, Ethereum ETFs recorded a modest inflow of 10.2 million dollars. But on 11 and 12 February, combined outflows reached 242.2 million dollars, according to Farside Investors.

That imbalance shows institutions are still reducing exposure overall.

Open Interest decline signals fading conviction

Open Interest in Ethereum derivatives has been trending lower since August 2025. Falling OI means traders are closing positions rather than opening new ones.

When prices drop and OI falls at the same time, it usually reflects declining participation. Traders are stepping aside instead of positioning for a rebound.

Final take

Despite the massive transfer, the whale still holds a substantial ETH position. This looks strategic, not panic driven.

However, weak technical structure, ETF outflows, and declining Open Interest suggest Ethereum remains vulnerable. Market participants are watching closely for either a stronger recovery sign$ETH al or further downside confirmation.