Why Isn’t ETH Rocketing Despite $364M Whale Buys? | Sedaris Style

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Ethereum Whales Drop $364 Million—So Why Is ETH Still Playing It Safe? 🤔

  • Three Ethereum whales, including one tied to some fancy company called Consensys, dumped over $364 million into ETH in just a day. Because nothing screams confidence like a massive buy, right?
  • Yet, ETH keeps its cool, with no full-scale whale backing. It’s like trying to start a party, but everyone’s just standing around awkwardly in the corner, waiting for someone else to make the first move.

So apparently, the big wallets — the ones with more zeros than a Kardashian’s bank account — decided to go on a buying spree. On-chain monitors eyeballed these giants making deals that make you wonder if they’re trying to buy the entire blockchain. Because who doesn’t want to own a little piece of digital gold? 🤑

Whales Quietly Reload ETH (Like a Snob at a Buffet)

According to Lookonchain, Abraxas Capital took out 13,771 ETH, worth a cool $36.4 million, from Binance. This isn’t their first rodeo—they’ve been hoarding ETH like a squirrel in autumn, stuffing their digital cheeks for months.

Meanwhile, some fresh-faced wallet went rogue and pulled 3,056 ETH out of Binance, worth nearly $8 million. Likely celebrating their new wallet with a bad haircut or a questionable tattoo.

But the real showstopper is a thing linked to Consensys, which bought a staggering $320 million worth of ETH from Galaxy Digital. Just your average Tuesday, folks.

Then, that same big whale decided to play matchmaker and moved some ETH to a new address before staking $120 million worth with Liquid Collective. Because what’s more fun than investing hundreds of millions into something that might or might not turn into quicksand?

All these moves add up to a whale squad totaling over $364 million in ETH. You’d think with that kind of cash, they’d be throwing a big party—yet, instead, they’re just quietly reloading. Typical.

Naturally, such financial fireworks usually suggest a bullish cheerleading squad is forming. But don’t pop the champagne just yet—markets love quiet too.

Large Transactions, Now in Decline

While our whale friends are splurging, overall whale activity has taken a nosedive. Six months ago, ETH was trading around $3,819, and there were enough big deals to fill a football stadium—65,600 transactions over $100k, no big deal.

Most of those were tiny talks worth between $100,000 and $1 million—about 53,800 of them—because apparently, some whales just enjoy bargaining like it’s a garage sale.

Meanwhile, mega whales doing deals over $1 million numbered 10,500 transactions, and those over $10 million? A modest 1,300. Sounds impressive until you hear that today, total large transactions have plummeted to a measly 5,260. Maybe everyone’s gone on vacation?

Transaction sizes over time

Fast-forward to May 2025, and ETH is trading around $2,590. Now, the big transaction number has shrunk like a sweater in the dryer: 33,900 transactions for deals between $100k and $1 million, and merely 590 for those over $10 million. Looks like whales are busy, but with just pocket change.

Decline in whale activity

What’s Next for ETH? Will It Snore or Roar?

So, what does this wealth of activity—or total lack thereof—mean for ETH? Well, on the bright side, those whales who still believe are dropping stacks; the $364 million splurge this week suggests some folks think ETH might still have a shot.

But with fewer whale moves overall, it’s like trying to start a car with a dead battery—you need those big players to rev things up. Right now, they’re just sitting in neutral, tapping their feet impatiently.

Luckily, not everyone is trying to sell. The Whale Netflow Ratio is at -1.18, which is trader-speak for “more ETH is leaving exchanges than coming in.” Basically, whales are hoarding or buying, not selling. A sign of hope? Maybe. Or maybe just whales being polite and waiting for the right moment. ⏳

So, the big question: Will ETH turn around? Perhaps. But for now, it’s stuck like a bad joke—trading sideways, waiting for something to happen. Stay tuned—things could get interesting, or we’ll all just keep staring at our screens wondering if we missed the memo. 📉

Whale support ratio

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2025-06-05 14:26