Ethereum whales rebuy as exchange ETH reserves drop
After a 16.8% crash, large holders repurchased more than they sold; one whale bought 60,088 ETH, 10,000 wstETH and 611 WBTC as exchanges shed about 475,000 ETH.
Large Ethereum holders increased positions after last week’s sharp price decline, and tracked exchange balances fell by roughly 475,000 ETH in early June.
A blockchain tracker reported an address that sold 60,000 ETH near $2,040, 600 WBTC at about $78,538 and 9,442 wstETH before the drop. After prices fell, the same address bought back 60,088 ETH at roughly $1,606 per ETH, added 10,000 wstETH and acquired 611 WBTC at about $63,280 each.
An address linked to investor Chun Wang withdrew 17,560 ETH, around $28.7 million, from Binance during the same period.
Analytics firm Santiment showed wallets holding between 1 million and 10 million ETH increased their collective balance to about 6.89 million ETH, adding roughly 290,000 ETH in the first week of June. Wallets holding 10,000 to 100,000 ETH reduced their holdings to about 26.87 million ETH over the same timeframe.
Tracked ETH balances across Binance, OKX, Gemini and Bitfinex declined by about 475,000 ETH in early June. Binance’s reported outflow was roughly 190,000 ETH between June 4 and June 7.
Analyst Amr Taha wrote that “A reserve decline across several major exchanges can point to tighter available ETH liquidity on centralized platforms, especially if it continues while spot demand improves.”
Ether fell more than 16.8% last week, slipping below $1,600 before rising to about $1,664 on Monday. Market participants cited renewed tensions in the Middle East, a cautious Federal Reserve and outflows from spot ETFs as factors affecting risk assets.
Some large holders used lower prices to increase holdings while other cohorts trimmed positions. Further changes in balances and exchange reserves will depend on subsequent trading activity and price movements.
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