ETH Whale Deposits $300M on Bitfinex for Profit
An Ethereum whale or institution that held ETH for about three years has continued taking profits. It deposited another 30,825 ETH, worth roughly $83.03 million, to Bitfinex, according to blockchain analyst Ember. Over the past week, the whale transferred 112,053 ETH to the exchange, valued at about $300 million, at an average price of approximately $2,676 per ETH. The transactions generated an estimated realised profit of $72.83 million. Blockchain data shows the entity withdrew 130,592 ETH from Bitfinex in 2023 at an average price of about $2,026. The ETH deposits may signal planned selling and could increase short-term exchange-side supply. Traders should monitor Bitfinex inflows, ETH exchange balances, support levels and price reaction for signs of further distribution.
Bearish
The news is bearish for ETH in the short term because a long-term holder has moved a large amount of ETH to Bitfinex after substantial gains. Exchange deposits often increase the risk of market sales, adding potential supply and resistance near current price levels. The latest 30,825 ETH transfer follows 112,053 ETH deposited within a week, making the flow more significant than an isolated transaction. Traders may respond by reducing long exposure or watching for a breakdown of nearby support. However, the transfers do not confirm that all the ETH has been sold. If exchange balances stabilise, buying demand absorbs the deposits, or broader market conditions improve, the selling pressure could fade. Over the longer term, one whale’s distribution is unlikely to determine ETH’s trend alone, so traders should also track network activity, institutional flows, derivatives positioning and overall market liquidity.