Ethereum Whales Send Mixed Signals to the Market as ETH Price Drops 6%

In the last 24 hours, the Ethereum price dropped 6%, sliding from $2,650 to $2,484. The sharp decline coincides with large-scale whale movements

Ethereum whales are sending mixed signals to the market with their moves. In the last 24 hours, the Ethereum price dropped 6%, sliding from $2,650 to $2,484. The sharp decline coincides with large-scale whale movements, out of which some signal panic and others show signs of strategic accumulation.

This coincides with large-scale movements by Ethereum whales, displaying both panic and strategic accumulation.

According to Lookonchain, a whale dumped 10,543 ETH (roughly $26.1 million) on decentralized exchanges at an average price of $2,476. This resulted in a $2 million loss over just 48 hours, according to on-chain data.

However, at the same time, another whale moved more than $540 million worth of ETH out of centralized platforms, according to analysts at CryptoQuant. This was the largest single-day net ETH outflow since April, which is being interpreted as a move to cold wallets or staking protocols.

Moreover, Binance saw a drop in its ETH reserves by 300,000, wiping a quarter of the largest CEX. This is a decline in ETH reserves on Binance that occurred within just one month (up to 14th May). These outflows reflect the majority of users and institutions shifting towards self-custody or DeFi protocols.

This occurred as part of a broader trend seen across major wallets, with many preferring to hold ETH off centralized platforms.

suggesting long-term confidence in Ethereum, with investors possibly preparing for staking, private trades, or long-horizon holding. Lower reserves on exchanges can reduce sell-side pressure, especially if demand remains steady.

ETH Price Drops 6%

The Ethereum price has dropped from $2,650 to $2,484 in the last 24 hours. And ETH’s total Exchange Reserves stood at $18.9 million, marking a 0.78% daily dip at the time of writing.

Though the drop appears minimal, it highlights a cautious stance among investors.

The broader accumulation trends seen across major wallets suggest that many prefer holding ETH off centralized platforms. Therefore, the decrease in reserve value suggests reduced selling appetite.

While one whale panicked and sold at a loss, the other ETH whales are showing signs of accumulation throughout the month. This contrast is a sign of short-term market fear on one hand and long-term optimism and accumulation on the other.