A wallet address associated with crypto investment firm Metalpha has moved 27,000 ETH, valued at approximately $62.78 million, to Binance, adding to a recent string of large transfers by major holders that are increasing selling pressure on an already bearish market.
"Whales/Institutions are dumping $ETH! Wallets linked to Metalpha deposited 27,000 $ETH ($62.78M) into #Binance in the past hour," blockchain analytics platform Lookonchain said in a post on X.
The Metalpha-linked transaction was not an isolated event. In the same period, another whale moved 14,062 ETH, worth $32.82 million, to Binance. These transfers followed a massive 166,000 ETH deposit to the exchange by Bitcoin veteran Garrett Jin on Wednesday, valued at roughly $396 million. This series of substantial transfers has heightened market anxiety regarding additional downward price pressure on Ethereum.
This activity is part of a broader trend of whale distribution. According to crypto analyst Ali Martinez, addresses holding between 1,000 and 10,000 ETH have seen their holdings contract by 21.5% from their peak in October 2025, from 15.95 million to 12.52 million ETH. This suggests that a "fresh wave of institutional or retail demand" is needed for Ethereum to breach the $3,000 threshold, Martinez noted. The recent large transfers, including a $124.4 million move of Bitcoin and Ethereum by Blackrock, further highlight the ongoing institutional repositioning in the crypto market.
The recent whale activity has coincided with a decline in Ethereum's price, which has fallen by nearly 3% over the last 24 hours to around $2,280, according to data from Forbes. The derivatives market reflects this bearish sentiment, with open interest surging to 14.85 million ETH, the highest since July of last year, despite falling prices. This, combined with negative funding rates, indicates an accumulation of short positions.
From a technical standpoint, Ethereum is currently trading above its 50-day EMA at $2,262 but below the 100-day EMA at $2,349. A breach of the $2,262 support level could open the door to further downside targets at $2,211 and $2,107. Conversely, a move above $2,388 would be necessary to challenge the $2,746 resistance zone. Market analyst Ted Pillows commented on the situation, stating, "Spot demand is very weak, which is pushing Ethereum lower. Until that changes, ETH will continue to underperform the market."
This article is for informational purposes only and does not constitute investment advice.
