Ethereum Whale Moves $283M Off Exchanges — Is a Major Breakout Coming?

Ethereum Whale Moves $283M Off Exchanges — What Comes Next?

Ethereum Whale Moves $283M Off Exchanges – In a significant on-chain development, Galaxy Digital recently executed a massive over-the-counter (OTC) transaction, transferring 108,278 ETH (worth approximately $283 million) to wallet address 0x0b26. This transaction followed the withdrawal of 89,000 ETH (valued at $233.5 million) from exchanges within just 12 hours, signaling a strategic move away from liquid trading platforms.

The receiving wallet now holds 139,476 ETH, valued at over $365 million, reinforcing the narrative of growing institutional confidence in Ethereum. OTC deals typically bypass public order books, indicating long-term positioning rather than short-term speculation.

Whale Holdings on the Rise

According to recent on-chain data, whale wallet holdings have increased by 2.34% over the past 30 days. Similarly, investor wallets grew by 4.12%, while retail wallets saw a decline of 1.37%. This divergence suggests that long-term entities are absorbing available supply, while smaller traders are stepping back.

Large transaction volume is also on the rise, with ETH transfers between $1 million and $10 million increasing by 143.47%, and those over $10 million surging by 285.71%. In contrast, micro-transactions under $1 fell sharply—an indicator of waning retail participation.

Ethereum Price Technicals Hint at Bullish Breakout

Technically, Ethereum is forming a classic cup-and-handle pattern on the daily chart, with $2,830 acting as the neckline. A decisive breakout above this resistance could trigger a rally toward $3,400, based on the pattern’s measured move.

Exchange reserves have declined by 0.34%, continuing a longer-term downtrend, and now sit at approximately 18.7 million ETH. This trend supports the accumulation thesis, suggesting investors are transferring assets into cold storage, reducing sell-side pressure.

Additionally, liquidation heatmaps on Binance show concentrated short positions between $2,700–$2,830. If Ethereum breaks above this range, it could trigger short liquidations—fueling rapid upside momentum.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.