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Ethereum Update: Major Holders Offload $52M as $1.35B Investor Wagers on Market Rebound
Bitget-RWA2025/11/23 03:08
By: Bitget-RWA
- Ethereum whales sold $52.4M in ETH at $2,994.9, incurring $18.4M losses amid a 28% 30-day price drop. - Market-wide bearishness intensified as Bitcoin fell below $86,000 and ETH hit a four-month low near $2,700. - Technical indicators show all EMAs in downtrend, Bull Score Index at 20 (lowest since 2020), and ETH derivatives open interest dropped to $35.5B. - Top DATs like BitMine face 25-48% paper losses, with mNAV ratios below 1 raising liquidity risks amid $415M 24-hour ETH outflows.
Within the last hour, a whale address moved 8,920 ETH to Binance at a loss, highlighting ongoing downward pressure on Ethereum's price trend.
as reported
. This transaction took place amid a broader slump in the crypto market, with Bitcoin
dipping below $86,000 and Ethereum reaching a four-month low
around $2,700. The whale’s action fits a recent pattern of major holders selling off assets, such as the disposal of 250 WBTC
(valued at $21.17 million) at an average price of $84,710, resulting in a $7.948 million loss over the past eight hours. This ETH transfer to Binance seems to be part of a broader liquidation approach by institutional investors.
Data indicates
, a notable whale has sold 17,497 ETH (worth $52.41 million) at an average price of $2,994.9, taking a $18.4 million hit. Previously, this whale had acquired 13,316 ETH during Ethereum’s August and September highs, and is now facing a total loss of $26.348 million
in less than four months. At the same time, another whale—known for borrowing 66,000 ETH
—has expanded its position by purchasing 23,995 ETH ($65.13 million) from Binance, bringing its total holdings to 489,694 ETH ($1.35 billion). This accumulation stands in contrast to the prevailing bearish mood, as on-chain metrics reveal Ethereum’s 30-day price drop
of 28% has shaken confidence in digital asset treasuries (DATs). 
Ethereum’s daily chart displays all EMAs
trending downward, and the Bull Score Index has dropped to 20—its lowest since 2020—signaling an “extremely bearish” market. Open interest in ETH derivatives has also decreased
to $35.5 billion from $45 billion a month earlier, indicating reduced speculative trading. Experts link the selloff to broader economic factors
, such as the Federal Reserve’s recent hawkish stance, which has dampened hopes for a rate cut in December. Ethereum DATs, once considered safe options for crypto exposure, are now in the red, with leading firms like BitMine and SharpLink
experiencing paper losses between 25% and 48%
on their ETH assets. BitMine, which holds 3.56 million ETH (2.94% of the total supply), has suffered an unrealized loss of $3.7 billion as ETH’s price has dropped $1,000 below its acquisition cost. Most DATs now have market-to-net asset value (mNAV) ratios below 1, raising alarms about potential liquidity issues if forced sales occur. On-chain activity adds to the market’s vulnerability. Ethereum’s net outflows over the past 24 hours totaled $415 million, and both spot and derivatives data point to persistent selling.
A bearish fractal pattern similar to the $800 ETH crash in 2022
has appeared, suggesting a possible further decline to $2,450 before any recovery. Traders are encouraged to watch for support at $2,500 and resistance at $2,800, with any rebound likely dependent on macroeconomic developments and renewed institutional interest. Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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