Ethereum Price Dips 3% as Whales Withdraw $208M, ETF Delay
Ethereum price fell 3% to $4,513 on September 15 as large holders withdrew over $208 million in ETH from exchanges. Ethereum price action was further pressured by more than $108 million in derivatives liquidations—86% from long positions—which added selling pressure and heightened volatility. On-chain data shows major outflows: 21,925 ETH from Kraken, 13,322 ETH from FalconX, and notable withdrawals from Binance and Bitget. Regulatory uncertainty weighed on sentiment after U.S. agencies delayed approvals for staking integration in proposed Ethereum ETFs from BlackRock, 21Shares, and Grayscale. The substantial whale withdrawals signal long-term accumulation, but short-term price action remains driven by forced liquidations and ETF approval timelines. Traders should track exchange flows, liquidation metrics, and ETF decisions to gauge near-term risk and long-term demand for ETH.
Bullish
Whale withdrawals exceeding $208 million indicate strong long-term accumulation, a bullish signal reminiscent of past ETH outflows preceding price rallies. However, over $108 million in liquidations and delayed ETF staking approvals have triggered short-term sell-offs and volatility. Historically, similar large withdrawals combined with regulatory uncertainty have led to brief dips before recovery. In the short term, traders may face continued volatility as derivatives markets adjust and ETF decisions loom. Over the long term, sustained on-chain accumulation supports a constructive outlook for Ethereum price and suggests growing institutional demand once staking ETFs gain approval.