Ethereum whales load $480mln for next leg up – But, ETH history says ‘top’

ambcryptoPublished on 2025-10-11Last updated on 2025-10-12

Key Takeaways

Is ETH breaking its patterns?

Yes, unlike past bull cycles, exchange withdrawals are declining even as ETH’s price recovers.

Are whales still buying ETH?

Absolutely! Bitmine and other large players accumulated over $480 million in ETH.

Ethereum’s [ETH] recent price recovery is missing a familiar sign: Exchange Withdrawals. In past bull cycles, surging ETH prices were typically followed by a spike in tokens leaving centralized platforms.

This time, withdrawals are declining.

Still, smart money is unbothered and is perhaps even preparing for the next leg up.

A break in the pattern

Historically, Ethereum’s cycle tops coincided with withdrawal spikes above 250,000-300,000, seen in 2018, 2021, and early 2024. Each peak in Exchange Withdrawal Count aligned almost perfectly with a local or cycle high.

But at press time, the chart showed withdrawals trending lower, not higher.

The usual chaos that indicates overheated sentiment simply wasn’t there.

ethereum

Source: Alphractal

This leaves two possibilities: either Ethereum is breaking from its long-standing behavioral norm, or the real top (the moment of euphoria and mass exits from exchanges) hasn’t yet arrived.

Whales buy the dip

Beneath it all, big buyers have been moving.

Source: X

Lookonchain reported that Tom Lee’s Bitmine Immersion Technologies accumulated 128,718 ETH (worth nearly $480 million) across six new wallets, withdrawing the tokens from FalconX and Kraken shortly after the crash.

Source: X

Analysts also spotted strong buy walls around the $3.3K-$3.5K zone, so whales defended these levels.

While ETH still looked technically weak, these inflows proved that there was confidence that the real rally (and possibly the cycle’s true ATH) may still be ahead.

Is ETH recovering?

At press time, Ethereum traded near $3,824, up 1.97% after a sharp sell-off.

Source: TradingView

The RSI was at 36.7, still mildly oversold territory; a zone that’s often followed by relief rallies. Meanwhile, the MACD remained below zero, with bearish momentum weakening as histogram bars shrank.

As far as DMI goes, the negative directional index (33.4) dominated, but the positive index (14.8) gradually curved upward. Downside pressure was easing, causing accumulation to translate into a short-term bounce if buyers hold $3,500.

Next:
Share

Related Reads

For the First Time, the U.S. Government Lifts Ban on Crypto Perpetual Contracts: What Does It Mean for the Market?

On May 29, the U.S. Commodity Futures Trading Commission (CFTC) issued guidance permitting 7*24 trading and clearing for crypto asset derivatives, effectively opening the U.S. market to crypto perpetual contracts for the first time. This move allows U.S. citizens and certain platforms to trade these instruments around the clock. Key beneficiaries include Kalshi, which received approval to list a Bitcoin perpetual contract; Coinbase, now the first CFTC-regulated Futures Commission Merchant (FCM) for U.S. clients; and CME, which will transition its Bitcoin futures and options to 7*24 trading. The CFTC emphasized that this is a tailored approach for crypto assets, requiring platforms to maintain compliance and risk assessments, while noting traditional commodities like agriculture may not be suitable for such hours. Industry leaders like Michael Saylor and Brian Armstrong praised the decision for bringing a major segment of the global crypto market to U.S. users. However, consumer advocacy group Better Markets criticized the CFTC, alleging it overlooked investor risks and acted in the industry's interest rather than the public's. Following the guidance, Kraken announced plans to launch CFTC-regulated perpetual futures in the U.S., signaling a potential surge in derivatives trading activity.

marsbit1h ago

For the First Time, the U.S. Government Lifts Ban on Crypto Perpetual Contracts: What Does It Mean for the Market?

marsbit1h ago

US Government Lifts Ban on Crypto Perpetual Contracts for the First Time: What Does It Mean for the Market?

The U.S. Commodity Futures Trading Commission (CFTC) has issued guidance permitting 24/7 trading and clearing for crypto asset derivatives, effectively opening the U.S. market to crypto perpetual contracts for the first time. This move ends the previous ban and allows American individuals and institutions to trade these instruments around the clock. Direct beneficiaries include Kalshi, which received approval to list a Bitcoin perpetual contract; Coinbase, now the first CFTC-regulated futures commission merchant for U.S. clients to access global crypto derivatives; and CME, which will transition its Bitcoin futures and options to 24/7 trading. The CFTC emphasized this is a specific allowance for crypto assets, noting that traditional commodities like agriculture may not be suitable for non-stop trading. It also requires platforms to undergo case-by-case reviews for compliance and risk management. Industry leaders like Michael Saylor and Brian Armstrong praised the decision for integrating Bitcoin into capital markets and granting U.S. users access to a major global market segment. However, consumer advocacy group Better Markets criticized the CFTC for allegedly neglecting investor protection and favoring the industry it regulates. Other platforms like Kraken have announced plans to launch regulated perpetual futures for the U.S. market. The policy shift is expected to redirect significant liquidity and institutional participation to the newly accessible U.S. crypto derivatives landscape.

Odaily星球日报1h ago

US Government Lifts Ban on Crypto Perpetual Contracts for the First Time: What Does It Mean for the Market?

Odaily星球日报1h ago

How the CLARITY Act Reshapes the Stablecoin Yield Economy

The CLARITY Act, recently advanced by the U.S. Senate Banking Committee, fundamentally reshapes the stablecoin yield economy by closing loopholes left by the earlier GENIUS Act. Its Section 404 expands the ban on "hold-to-earn" rewards to all Digital Asset Service Providers (DASPs) and their affiliates, prohibiting any passive, interest-like yield. Crucially, it introduces a legal distinction, permitting "use-to-earn" rewards based on actual activities like spending, trading, or staking. In anticipation of this regulatory shift, major Wall Street asset managers—Morgan Stanley, BlackRock, and JPMorgan—have launched a series of tokenized money market funds (e.g., BlackRock's BRSRV, JPMorgan's JLTXX) designed explicitly for stablecoin reserve assets. These products represent a new, compliant yield layer: the stablecoin issuer earns interest from the underlying tokenized fund, which can then be passed to users through redesigned activity-based rewards. This marks a paradigm shift from a "hold-to-earn" to a "use-to-earn" market. While pathways remain for exchanges to redesign rewards (Path A) and for DeFi protocols to offer yield (Path B), the tokenized reserve asset layer (Path C) emerges as the most robust and strategically positioned infrastructure. However, this concentration—exemplified by BlackRock's BUIDL fund backing over 90% of USDtb's reserves—introduces new systemic risks. The final outcome hinges on regulatory decisions, particularly the OCC's proposed 20% cap on tokenized assets in reserves, which will determine the scalability of this new financial infrastructure layer.

marsbit3h ago

How the CLARITY Act Reshapes the Stablecoin Yield Economy

marsbit3h ago

Weekly Token Unlocks: HYPE Unlocks $650M Worth of Tokens

Summary: Token Unlocks for the Week – HYPE Unlocks $650 Million Worth of Tokens Major token unlocks are scheduled for this week, headlined by Hyperliquid's significant release and a smaller unlock from EigenLayer. **Hyperliquid (HYPE)** * **Platform:** A high-performance blockchain aiming to create a fully on-chain, open financial system. * **Unlock Details:** 9.92 million HYPE tokens, valued at approximately $650 million. * **Project Links:** Twitter: https://x.com/HyperliquidX; Website: https://hyperfoundation.org/ **EigenLayer (EIGEN)** * **Protocol:** A protocol built on Ethereum that introduces restaking, allowing staked ETH to secure other applications. * **Unlock Details:** 36.86 million EIGEN tokens, valued at approximately $8.22 million. * **Project Links:** Twitter: https://x.com/eigenlayer; Website: https://www.eigenlayer.xyz/ Both projects have provided specific token release schedules following these unlocks.

marsbit6h ago

Weekly Token Unlocks: HYPE Unlocks $650M Worth of Tokens

marsbit6h ago

Kalshi and Coinbase Receive CFTC Approval, Ushering in the Most Regulation-Friendly Era for the Crypto Industry?

The U.S. Commodity Futures Trading Commission (CFTC) took two landmark actions on May 29. It approved Kalshi's application to list a Bitcoin perpetual futures contract and issued a no-action letter to Coinbase Financial Markets. This allows Coinbase to offer certain perpetual futures products to U.S. customers through a subsidiary, with digital assets permitted as collateral. These moves, coupled with a new CFTC policy statement, provide a clearer regulatory pathway for perpetual contracts in the U.S., moving them from a regulatory gray area. CFTC Chair Mike Selig stated this is a key step for U.S. crypto leadership but noted the policy is not yet permanent. The article explains that CFTC's previous reluctance stemmed from legal ambiguities, as perpetual contracts lack an expiration date. However, such contracts dominate global crypto derivatives, accounting for ~78% of centralized exchange volume in 2025, forcing U.S. regulators to adapt to competition from offshore platforms like Hyperliquid. The approvals offer two compliance paths: Kalshi's direct listing and Coinbase's model using foreign futures. This is expected to attract institutional capital back to regulated U.S. venues, stimulate the launch of more products like ETH perpetuals, and enhance U.S. competitiveness in the global crypto derivatives market. The author suggests this may signal a "regulatorily friendly" era for crypto.

marsbit6h ago

Kalshi and Coinbase Receive CFTC Approval, Ushering in the Most Regulation-Friendly Era for the Crypto Industry?

marsbit6h ago

Trading

Spot
Futures

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of ETH (ETH) are presented below.

活动图片

Top Questions