ETH whales test conviction as dormant wallets sell near $1.5K
On-chain data shows 37,806 ETH moving from near–eight-year-old dormant wallets, adding fresh supply as ETH trades just above $1,500. Lookonchain reports four wallets that received 37,602 ETH around $830 became active after years of dormancy and sold 33,623 ETH for about $52.5 million near $1,560, leaving realized profit around $27.4 million.
The broader signal is more cautious. Total long-term ETH whale profitability reportedly turned negative for the first time since 2019, with all major whale cohorts showing unrealized losses. Analysts also noted that holders are split: while some sell, others keep accumulating. Separately, Lookonchain cited a whale swapping 464 BTC (about $27.6 million) for 17,750 ETH. Investor Chun Wang reportedly bought 9,937 ETH and 147 WBTC, and withdrew nearly 87,000 ETH from Binance over the past month.
Institutional flows were mixed: BlackRock transferred 41,996 ETH and 4,577 BTC to Coinbase Prime, often interpreted as custody/operations rather than a confirmed spot sale.
Price-wise, ETH dipped to about $1,510 during Thursday’s sell-off but avoided a new yearly low. Traders flagged $1,500 as key long-term support: daily closes below it could weaken the bullish thesis since the 2022 bear market. Other market participants point to a deeper accumulation band near $1,070–$1,370 if ETH breaks down further.
Bearish
ETH shows both supply increase and weaker long-term positioning. Dormant wallets restarting activity (37,806 ETH) provides incremental sell pressure, while the claim that all major ETH whale cohorts are underwater (long-term profitability turning negative since 2019) usually reduces “conviction” during drawdowns. That said, selective accumulation (BTC→ETH swaps and large withdrawals from Binance) prevents a fully bearish read.
Historically, similar periods when whale profitability deteriorated often coincided with extended consolidation rather than immediate crashes, especially if a major support zone held. Here, traders are watching $1,500: defensive behavior has appeared multiple times on prior corrections since mid-2022. If ETH sustains a break below $1,500, it could trigger faster downside toward the $1,070–$1,370 demand band and prolong the bearish structure. If support holds, the market may absorb the added supply and allow gradual recovery.