Whales Bought $832M of ETH During May 10 Dip
Large wallets bought about 360,000 ETH (≈$832M) during a May 10 price dip as derivatives data showed falling open interest and elevated funding.
On-chain metrics from Santiment show non-exchange whale wallets increased holdings from about 124.69 million ETH to roughly 125.05 million ETH across the May 10–12 price drop, a rise of roughly 360,000 ETH, equivalent to about $832 million. Ethereum fell about 3.6% over those two days.
Derivatives data show perpetual futures open interest declined from $12.46 billion on May 7 to $11.98 billion on May 12, a decrease of about $480 million. The perpetual funding rate was about 0.012% on May 12, up from 0.010% on May 7.
Glassnode’s hodler net position change, which tracks wallets that have held ETH for more than 155 days, peaked at 383,128 ETH on April 27 and fell to 77,675 ETH by May 11, a decline of roughly 80%. The metric remained positive on May 11, indicating net accumulation by long-term holders at a slower daily pace than in late April.
Price action shows Ethereum contained in a descending channel since an April 17 high. On the daily chart ETH traded near $2,311 and was down about 1.2% on the day referenced. Whale buying coincided with price holding above $2,298, the 50% Fibonacci retracement of the broader pullback.
A daily close below $2,298 would expose $2,269, the 61.8% retracement. Additional supports are at $2,227 and $2,174; a break under $2,174 would reach the lower trendline of the descending channel. On the upside, reclaiming $2,327 would return the chart toward neutral, while a move above $2,363 would mark a neutral-to-bullish shift with a short-term target near $2,422.
Key metrics for the period include whale balances, perpetual futures open interest, the funding rate and hodler net position change. Market participants will monitor price behavior around $2,298 for further clarification.
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