130% ETH Rally: Sell Now? Whales Accumulate
Ethereum (ETH) has surged 130% in two months, rising from $2,200 in late June to an all-time high of $4,900 on August 22. This rapid ETH rally has spurred debate over profit-taking. On one side, traders like Doctor Profit and firms such as Matrixport have moved over 95,000 ETH (approximately $452 million) to Binance and OKX, signaling potential sell pressure. On the other side, major whales—including a prominent Bitcoin OG—deposited 300 BTC to buy more ETH and opened a $581 million long position, while the Trump family’s World Liberty fund spent $5 million USDC to acquire 1,076 ETH. The mixed on-chain signals of profit-taking and whale accumulation point to likely short-term volatility but underpin a longer-term bullish outlook for Ethereum.
Bullish
The 130% ETH rally parallels past BTC and XRP surges, where initial profit-taking triggered short-term pullbacks but did not derail longer-term uptrends. Large outflows to exchanges by traders and firms suggest some sell-side pressure, yet substantial whale accumulation—evident in Matrixport’s deposits and high-net-worth addresses converting BTC to ETH—underscores continued institutional confidence. Historically, sustained on-chain demand after an all-time high has preceded consolidation followed by renewed bullish momentum. In the short term, traders should watch exchange inflows, whale wallet movements and ETF flows for volatility signals. Over the medium to long term, continued accumulation by major players supports a bullish outlook for ETH.