• Ethereum’s price hit $2,003 despite large holders reducing their balances.
  • Over 200,000 ETH moved as whale balances dropped during price rise.
  • The decline in whale holdings suggests caution among large Ethereum holders.

Ethereum’s recent activity reveals a on-chain development involving large holders, as more than 200,000 ETH have been moved over the past two weeks. According to the latest chart from CryptoQuant, which tracks Ethereum balances by wallet size, addresses holding between 1,000 and 10,000 ETH have seen their total holdings drop from 12.7749 million ETH on March 10 to 12.5759 million ETH by March 27, indicating a reduction of roughly 199,000 ETH.

Whales have moved over 200,000 #Ethereum $ETH in the past two weeks! pic.twitter.com/J270zcRcGl

— Ali (@ali_charts) March 29, 2025

This sharp decline suggests that whales are actively moving assets, with some possibly exiting positions or reallocating to new wallets. Meanwhile, the price of Ethereum has climbed from $1,866.7 to $2,003.9 during the same period, reflecting a 7.3% increase.

Holder Balance Declines Despite Rising Price

The divergence between Ethereum’s price and whale balances stands out. Typically, rising prices align with accumulation trends among large holders. However, this cycle is seeing a distinct drop in whale holdings even as ETH gains momentum.

Between March 6 and March 27, the balance of wallets holding 1,000 to 10,000 ETH decreased steadily from above 12.75 million to nearly 12.57 million, with a notable dip occurring between March 10 and March 16. Despite small rebounds during March 18 and March 24, the overall trend shows sustained outflows, suggesting strategic repositioning by large entities as ETH attempts to break past the $2,000 mark.

This behavior could reflect profit-taking after Ethereum’s strong early-year rally or cautious reallocation in anticipation of broader market volatility. Notably, March 27 data shows a closing price of $2,003.9 and a final balance of 12.5759 million ETH, compared to $1,866.7 and 12.7749 million ETH on March 10. The magnitude and timing of the moves indicate deliberate execution rather than retail panic, reinforcing the likelihood of whale-led distribution at current price levels.

Price Performance and Structural Implications

Ethereum’s climb above $2,000 occurred despite ongoing balance outflows, showing robust spot demand, possibly from retail or institutional interest offsetting whale selling. This dynamic introduces a structural challenge: if whale balances continue to decline and prices remain stable or rise, a liquidity crunch could follow, tightening available supply and intensifying volatility. Conversely, if outflows reflect deeper caution, Ethereum might struggle to sustain momentum without new inflows or a fundamental catalyst.

Between March 10 and March 27, Ethereum’s price experienced several reversals but ultimately trended upward, reflecting confidence in the broader market even as large holders reposition. However, persistent reduction in balances held by key wallets suggests that the current rally may be driven more by smaller participants or external demand rather than accumulation by those who typically set long-term price floors.

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