Ethereum Sees Strong Use Amid Whale Sell-Off Fears
Key Takeaways
Ethereum (ETH) is currently caught between stable network usage and increasing selling pressure from large investors – so-called “whales.” While transactions exceeding $10 million are rising significantly, there are early signs of a potential price correction. At the same time, interest from retail investors remains high, indicating robust network activity. The question is: Are Ethereum whales preparing for another price drop?
Whales Moving Large Sums – A Warning Sign?
In recent days, Ethereum transactions in the millions have increased significantly. Transfers of more than $10 million rose by 185.71%, while transactions over $1 million grew by 64.24%. This trend suggests that large market participants are repositioning – possibly in anticipation of short-term price declines.
Notably, a wallet associated with the Ethereum Foundation transferred 1,000 ETH – worth approximately $1.58 million – to the crypto exchange Kraken. This wallet had received its ETH holdings over ten years ago at a price of about $1.20. At the same time, another whale sold 2,056 ETH at $1,591 each and opened a short position with 10x leverage on the Hyperliquid platform.
Network Usage Remains Stable – Despite Selling Pressure
Although large investors are pulling out capital, network data paints a different picture of the market. The number of new wallets increased by 13.93% last week, while active addresses rose by 3.09%. Additionally, previously inactive wallets were reactivated – an increase of 8.82%.
This data suggests that user interest in Ethereum remains high. In particular, smaller transactions between $1 and $100 also saw slight increases (+6.71% and +4.82%, respectively). This indicates broad usage of the network, independent of short-term market fluctuations.
Risk for Long Positions Increases
On April 22, long positions worth $25.71 million were liquidated – significantly more than short positions, which totalled only $5.17 million. This imbalance shows that many traders are still betting on rising prices, even though large investors are sending opposing signals.
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At the same time, trading volume in derivatives rose by 49.48% to $48.16 billion. Options volume also grew by 59.34%. However, open interest – the total value of outstanding contracts – declined by 2.87%. This points to uncertainty and a lack of conviction in the market.
Ethereum Between Confidence and Caution
The current ETH price recently stood at $1,584.44 – a decrease of 3.71%. Market data presents a mixed picture: while retail investors and users continue to show confidence in Ethereum, institutional investors are positioning themselves more defensively.
Whether Ethereum can withstand this pressure depends on whether new demand emerges. If not, a further decline could follow before the market stabilizes.
Our Assessment
Ethereum is currently at a critical juncture. The actions of large market participants suggest a possible correction. At the same time, ongoing network activity by retail users indicates that the blockchain’s foundation remains solid. For you as an investor, this means: keep an eye on both on-chain data and the movements of large wallets. Short-term volatility is likely – but in the long term, Ethereum remains a key player in the crypto market.
Sources
- IntoTheBlock
- Coinglass
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