Ethereum whale transferred 30,000 ETH worth $138 million to Bitfinex in just two days.
Whale deposits raise concerns about possible selling pressure and signal future price movements in the Ethereum market.
In addition to the exchange deposits, Whale moved $109 million of ETH into two new secure storage wallets.
The giant Ethereum whale is back in the spotlight after moving large amounts of ETH. SpotOnChain's on-chain data shows that just three hours ago, the wallet transferred 15,000 ETH, worth about $70 million, to Bitfinex.
This is not Whale's first major move this week, and speculation is mounting about price fluctuations and possible changes to Ethereum trading strategy.
2 days, 2 big moves
In the past two days alone, this whale has leaked a total of 30,000 ETH, worth approximately $138.4 million, to Bitfinex. The average transfer price is around $4,612 per ETH, suggesting that whales may be taking profits as Ethereum remains near key resistance levels.
Such large deposits often raise concerns about possible selling pressure. When whales send coins to exchanges, they may indicate plans to sell, especially during periods of market uncertainty.
Interestingly, whales are not only transferring ETH to Bitfinex.
In addition to these deposits, 23,278 ETH worth approximately $109.3 million was also moved to the two new wallets.
Analysts believe these could be new “storage” or “cold” wallets used to safely hold cryptocurrencies long-term. Perhaps this combination of exchange deposits and custodial transfers suggests a balanced approach with perhaps partial profit taking while holding large positions for the future.
Current holdings and market impact
Even after these large transfers, the whale still holds a total of 70,785 ETH (worth approximately $332.4 million) spread across four wallets.
Some traders see the Bitfinex deposit as a warning sign of a potential decline, while others see it as simply a portfolio reshuffle. In any case, whale movements of this magnitude cannot be overlooked.
Ethereum price update
Ethereum is currently trading around $4,704, showing resilience with a modest 2.58% gain over the past 24 hours.
Technical analysts are highlighting a key resistance zone between $4,700 and $4,800 as the coin inclines towards its 2025 high near $4,956, supported by increased institutional interest and an influx of new liquidity into the ecosystem.
A decisive break above this level, especially if high trading volumes are maintained, could put ETH near its $5,000 target in the near term, and perhaps even above $6,650 in the coming months, which could be further accelerated by future network upgrades and scaling efforts.
