The cryptocurrency market is ever-changing, with every breath of the whales tugging at the hearts of countless investors. Recently, the Ethereum (ETH) market experienced a shocking shift: an ancient sleeping whale, after a prolonged period of selling, suddenly "awoke" and began to accumulate ETH against the trend, withdrawing $47 million worth of ETH from exchanges in just three weeks. Meanwhile, bullish whales continue to enter the market, while a bearish whale, who previously had a 75% success rate in "four battles" with ETH, still refuses to give up shorting after repeated stop-losses. Do these epic on-chain battles signify that Ethereum is about to enter a "super bull market," or do they hide deeper risks?
- The "Awakening" of the Sleeping Whale: $210 Million in ETH Accumulated Against the Trend
Most notably, an ancient whale that participated in the ETH ICO, after a year of continuous selling, has recently started to accumulate ETH again.
Counter-Trend Operation: In the past three weeks, this whale has withdrawn 13,600 ETH from exchanges, totaling approximately $47 million, with the most recent withdrawal occurring just 15 minutes ago at an average price of about $3,456. This is the first large-scale accumulation by this whale in over two years; previously, it had deposited 6,000 ETH to OKX, which is far less than this accumulation.
Massive Holdings: As of now, this whale holds 59,718 ETH on-chain, valued at approximately $210 million. The current ETH price is $3,548.02.
The sudden "awakening" and counter-trend accumulation of this sleeping whale have been interpreted by the market as a strong bullish signal for Ethereum's future, especially in the context of its previous continuous selling, making this reversal even more significant.
- Bullish Whales Continue to Enter: New Funds and Institutional Forces Surge
As the sleeping whale awakens, more bullish whales are actively entering the market, injecting new liquidity into Ethereum.
Exchange Whale Withdraws ETH: On August 4, according to Onchain Lens, a whale just withdrew 2,850 ETH from Kraken, valued at approximately $10.09 million. This whale currently holds a total of 18,111 ETH, valued at about $64 million.
New Wallets Receiving Large Amounts of ETH: On August 4, according to Lookonchain, within the past six hours, a newly created wallet "0x86F9" received 24,294 ETH from FalconX, valued at approximately $86.48 million. Another wallet "0x40E9" received 15,627 ETH from the Galaxy Digital OTC wallet in the past two hours, valued at about $55.60 million. The large amounts received by these new wallets suggest that new institutions or large investors are quietly building positions.
BitMine's ETH Reserves: According to Solid Intel, Tom Lee's BitMine currently holds over 833,000 ETH, with a total value close to $3 billion, making it one of the largest holders of ETH in the public market.
The continuous entry of these bullish whales indicates that the market is confident in Ethereum's long-term value and growth potential, with institutional funds accelerating their influx into the Ethereum ecosystem.
- The "Persistence" of the Bearish Whale: Repeated Stop-Losses, More Determined?
In stark contrast to the active positioning of bullish whales, a bearish whale, who previously had a 75% success rate in "four battles" with ETH, has repeatedly stopped losses as Ethereum's price rises but still refuses to give up shorting.
Stop-Loss and Losses: On August 4, according to Yujin, this whale's short position of 50,000 ETH (approximately $170 million) has been reduced by 20,000 ETH due to stop-losses. The whale's ETH short position shifted from a floating profit of $12.25 million yesterday to a current loss of $840,000.
More Determined: On August 5, according to on-chain analyst Yujin, this whale increased its margin by $3.32 million in the early morning, bringing its ETH short position back to 27,000 ETH (worth $100 million). After reducing its position last night, it had 30,000 ETH remaining, but as ETH rose back to $3,700, its position was liquidated at 1 AM. Subsequently, it added $3.32 million in margin and reopened its short position to 27,000 ETH. This time, its short position shifted from a floating profit of $12.25 million to a current loss of $2.32 million.
Current Position: Currently, its position is: 25x short 27,000 ETH, valued at $100 million, with an opening price of $3,637 and a liquidation price of $3,828.
The "persistence" of this bearish whale reflects a significant divergence in the market's outlook on Ethereum's future, and it may indicate that the fierce battle between bulls and bears will continue in the short term.
The Ethereum market is witnessing an unprecedented battle among whales. The "awakening" and accumulation of the sleeping whale, the continuous entry of bullish whales, and the "persistence" of the bearish whale together create a complex and vibrant picture of the current Ethereum market. These epic on-chain movements undoubtedly inject strong uncertainty into Ethereum's future trajectory, but they may also signal the onset of a "super bull market" driven by institutional funds. Investors should closely monitor the movements of these whales, carefully assess risks, and seize opportunities for future developments in the Ethereum market.
Related: Institutional Crypto Asset Holding Strategy Transformation: Institutionalization and Structured Allocation Accelerate
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