On May 29, according to monitoring by Onchain Lens and reported by multiple Chinese media outlets, a large address known as an Ethereum whale concentrated on selling 10,000 ETH within about 30 minutes, cashing out approximately $19.82 million; in the past week, this entity has sold a total of 45,000 ETH, cashing out around $92.15 million, with a weekly average selling price of about $2,048/ETH. Meanwhile, ETH has effectively broken below the key support of $2,000, currently fluctuating around $1,800 under pressure, with several analytical institutions (including CryptoQuant) pointing out that since April 2024, the capital fee rate for the Ethereum market has mostly remained positive, indicating a significantly bullish leverage structure with crowded long positions. On the spot end, several media and research opinions also mentioned that Ethereum-related ETFs have recently shown an overall trend of net capital outflow. The rhythm of on-chain whale selling, the price breaking critical levels, the high leverage long structure, and the ETF net outflows, when overlapped in time, greatly amplify the current short-term downward pressure in the Ethereum market.
10,000 Sold in 30 Minutes: Selling Pressure Hits the Market
According to Onchain Lens monitoring, at 2026 May 29, a large address referred to as an Ethereum whale by multiple media sold 10,000 ETH within about 30 minutes, cashing out approximately $19.82 million based on prices at that time. This was a large order and transaction completed in a very short period, appearing in a market where ETH had effectively broken below $2,000 and was weakly fluctuating around $1,800, adding a visually concentrated selling pressure to an already bearish market.
Time-wise, this sell-off highly coincided with a period of intensified intraday fluctuations and further weakened sentiment, compounded by many Chinese media outlets simultaneously amplifying reports, causing the narrative of "whales dumping" to quickly dominate market discourse. Combined with data previously provided by Onchain Lens, this whale had cumulatively sold 45,000 ETH for approximately $92.15 million prior to the incident, and the sale of 10,000 ETH completed in 30 minutes on May 29 seemed more like a key part of its systematic reduction during the past week rather than an isolated large order.
Weekly Reduction of 45,000: Whale Position Cooling Down
According to Onchain Lens data, addresses generally considered to belong to the same whale entity have cumulatively sold 45,000 ETH within the week leading up to the concentrated sale of 10,000 ETH on May 29, cashing out around $92.15 million, with a weekly average transaction price of approximately $2,048/ETH. Public information has yet to form multi-party cross-validation on specific on-chain addresses, so they can currently only be viewed as "suspected same whale" continuous operations, but their selling rhythm is relatively clear: initially maintaining stable sales over several days, then interspersed with several noticeably larger individual concentrated sell-offs.
From the perspective of position management and risk control, this appears more as a proactive and phased reduction of ETH net exposure against a backdrop of price breaking key ranges and high market leverage, rather than an emotional one-off dumping. Continuously selling at the weekly average price of about $2,048, combined with the rhythm of "multiple days of continuous selling + intermittent concentrated selling", typically corresponds to an adjustment hypothesis at the mid-to-long-term strategy level — for example, a reassessment of future return/risk ratios, rather than merely short-term profit-taking or passive reduction. In this context, the structured reduction of 45,000 ETH within a week, compared to a single large sale of 10,000 ETH, is more worthy of being viewed as a structural signal, as it reflects this whale's overall repricing of ETH holding scale and risk exposure for the forthcoming period.
After Losing 2,000, $1,800 Becomes the Market Focus
At the same time this whale was rhythmically reducing its holdings, according to AiCoin data, the price of Ethereum had effectively broken below the $2,000 key support level viewed as having both psychological and technical significance by multiple analysts, with the price center moving down to around $1,800, encountering clear selling pressure above this range. The path from "stabilizing at 2,000" to "fluctuating around 1,800" highly overlaps with the whale’s cumulative sell-off of 45,000 ETH in a week, making this downturn easier to interpret as a trend adjustment rather than short-term noise.
As the support levels continue to decline, a single market source has identified the $1,800–$1,750 range as the next significant defensive zone, but this judgment currently comes from limited sources and is insufficient to serve as market consensus. The issue is that when key supports like $2,000 are breached, sentiment can easily create negative feedback with large on-chain sell-offs: the whale's continued reductions reinforce the narrative of "main forces withdrawing", and the already dominant structure of high leverage longs is more likely to take passive deleveraging post-price breakdown, suppressing confidence for short-term rebounds, with each pullback near $1,800 appearing more as a repeated test of the remaining long positions' endurance.
High Leverage Longs Coupled with ETF Net Outflows, Weak Structure Exposed
According to observations from multiple analytical institutions, including CryptoQuant, the overall leverage level of Ethereum is currently relatively high. Since April 2024, funding rates in the derivatives market have mostly remained positive, with long-direction leverage positions long dominating. This means that each upward price bounce primarily raises the entry cost for existing longs, rather than attracting sufficient new short counterparts for rebalancing. In parallel, multiple media have mentioned that Ethereum-related ETFs have shown a trend of net capital outflow since 2026, with marginal buying from compliant channels continuously weakening, thereby reducing the spot side's capacity to absorb high leverage longs without clear new incremental sources appearing.
In this structure, CryptoQuant analyst PelinayPA points out that the combination of high leverage longs alongside ETF net outflows has magnified Ethereum's downward risks in a weakening price phase: once the price breaks critical levels, leveraged longs are more likely to collectively enter passive reductions or even liquidation states. Pulling the timeline back to this round of decline, it can be seen that the address referred to as a whale by multiple media has cumulatively reduced its holdings by 45,000 ETH in the past week, and on May 29, made a single sale of 10,000 ETH, coinciding with the moment ETH broke below $2,000, faced pressure around $1,800, and a dominant high leverage long structure combined with continuous ETF net outflows during this phase—a confluence of multiple pressures — keeps the market highly alert to the chain reaction of potential further weakening that might trigger systematic deleveraging risks.
What Can Bulls Hold After Whale Reductions?
In summary, the large address referred to as a whale by multiple media has cumulatively sold 45,000 ETH within one week, with a 30-minute sale of 10,000 ETH on May 29, and the ethereal price breaching $2,000 and seeking new balance around $1,800, combined with a high leverage structure and Ethereum-related ETF capital net outflows, places the current bulls under "price, leverage, on-chain and off-chain capital" multiple pressures rather than a single negative factor. Moving forward, the key is not to emotionally conclude on this sell-off but to closely monitor several variables: Firstly, whether this whale continues to reduce on-chain or shows signs of re-entering; secondly, whether leverage levels and funding rates can significantly cool from a long-biased state; thirdly, whether ETF applications and redemptions shift from net outflows to stabilization or even recovery; fourthly, whether the $1,800–$1,750 range, seen as an important observational point by the market, can be effectively defended amid subsequent fluctuations. For traders, it is necessary to peel away short-term emotional noise within these structural on-chain and derivatives signals, avoiding equating an evolving whale reduction event with a confirmed stage top or trend reversal.
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