The Ethereum investment landscape has displayed some concerning patterns recently, particularly with several prominent entities, including Galaxy Digital, selling off significant quantities of their ETH holdings. This trend raises questions among investors about the future trajectory of Ethereum’s market.
In this article, we will analyze the latest trends, highlighting who is selling and who is buying within the Ethereum ecosystem.
The Sell-Offs
CryptoPotato has reported extensively in recent weeks on the major ETH sales executed by prominent investors, including whales and institutional players like Galaxy Digital. Notably, Galaxy Digital has even begun converting its ether holdings to SOL, prompting further alarm among Ethereum investors.
These sales have led to a notable price decrease, with Ethereum dropping to around $1,400 earlier this month. Although there was a subsequent recovery allowing ETH to spike back to $1,800, this rebound has primarily enabled several investors to cash out at better rates.
Recent data from Ali Martinez indicates that whales collectively sold off 262,000 ETH during this recovery phase, a move equating to approximately $445 million. Such sizable transactions highlight the cautious sentiment prevailing among large investors.
Whales took advantage of the recent price surge, selling 262,000 #Ethereum $ETH, worth around $445 million. pic.twitter.com/sQ0PhAzyfX
— Ali (@ali_charts) April 29, 2025
Additionally, Galaxy Digital has been transferring ETH to centralized exchanges, a typical precursor to selling. For instance, a recent transfer of 23,900 ETH valued at $42.5 million was noted on Coinbase, according to Lookonchain analytics.
Another notable incident involved a whale whose indecision led them to purchase approximately 15,000 ETH at $1,801, only to sell it just three hours later at a minimal loss, demonstrating volatility in investor confidence.
This whale just sold all 10,511 $ETH($19.2M) at $1,828 again.https://t.co/bdIlDI9WrD pic.twitter.com/ZwP0JrxXTY
— Lookonchain (@lookonchain) April 29, 2025
Some Are Buying, Though
Amidst these bearish sentiments surrounding ETH, there are encouraging signs as well. Reports suggest that Ethereum may be witnessing a resurgence, bolstered by a recent 10% spike in network activity. Moreover, Ethereum ETFs have seen a series of positive cash flows, hinting at renewed institutional interest.
Additionally, Lookonchain noted that a wallet associated with Cumberland withdrew over $50 million worth of ether from Copper, Coinbase, and Binance in a short span. This could indicate that some whales and institutions are actively accumulating ETH as prices fluctuate.
It seems that whales/institutions are accumulating $ETH!
Over the past 3 hours, a wallet linked to #Cumberland has withdrawn 27,632 $ETH($50.24M) from #Copper, #Binance, and #Coinbase.https://t.co/2CNtRUpICk pic.twitter.com/FK0A68w1vT
— Lookonchain (@lookonchain) April 29, 2025
Adding to the positive outlook, BlackRock, the world’s largest asset manager, has announced plans to tokenize its $150 billion Treasury Trust market fund on Ethereum, which could further legitimize ETH in the financial sector.
In conclusion, the mixed signals in the Ethereum market suggest that while significant sell-offs are occurring, there is also notable accumulation happening among certain investors. As the market continues to evolve, Ethereum’s future remains a topic of considerable interest and speculation.
