ETH Hits Yearly Low vs BTC as 500K+ ETH Flows to Exchanges
Ethereum (ETH) is underperforming against Bitcoin (BTC) as bullish attempts near $2,400 fail and price rejects continue to pressure the market. ETH later broke below the key $2,200 support, and the ETH/BTC pair slid to a 10-month low under 0.028.
Analysts flag that the sell-off is happening even while some large investors reportedly keep accumulating ETH. Ted Pillows pointed out the decline despite Tom Lee’s BitMine buying $ETH worth $200M+ each week. Still, Ali Martinez (citing CryptoQuant data) warned of worsening conditions: over 500,000 ETH were sent to trading venues in just the past week—worth more than $1.1B. Such “exchange inflows” can translate into near-term selling pressure if traders move funds to cash out.
Martinez also noted the TD Sequential indicator flashed a sell signal for ETH, and he outlined a worst-case scenario for a deeper drop toward $1,100.
On the rebound side, Satoshi Flipper suggested ETH may bounce from the lower boundary of an ascending triangle/diagonal support on the 8-hour chart.
Meanwhile, Lookonchain highlighted an “Ethereum OG” wallet that received 11,000+ ETH under $3.50 a decade ago, sold part of it for over $30M last year, and has started buying again—reportedly spending $4.3M USDC to purchase 1,951 ETH around ~$2,180.
For traders, the key focus is whether ETH/BTC can stabilize after hitting the yearly-vs-BTC low, or whether exchange inflows and ETH/BTC weakness extend the downtrend.
Bearish
The article highlights ETH/BTC reaching a 10-month low under 0.028 and ETH breaking below $2,200, which is consistent with bearish momentum. The most direct trading-relevant datapoint is the reported 500,000+ ETH inflow to exchanges (over $1.1B): historically, such exchange inflows often coincide with rising immediate sell pressure, especially when accompanied by technical sell signals like TD Sequential.
While large buyers/accumulators (e.g., BitMine) and a returning whale wallet provide a possible medium-term floor, they have not prevented ETH/BTC deterioration in the short run. Similar past patterns—technical breakdown plus exchange inflows—tend to extend downside until buyers can absorb supply and ETH/BTC reclaims key levels (like the prior support zone around 0.042 BTC from September last year).
Short-term, traders may expect continued volatility and possible further tests toward $1,100 if sell signals persist. Long-term, continued accumulation could reduce panic selling, but without stabilization in ETH/BTC and reduced exchange inflows, rallies may be sold into rather than sustained.