Ethereum Whale Community Shows Clear Signs of Profit Taking, Could Impact Token Price

BlockBeats News, September 21st, On-chain data analyst Murphy stated that, based on the holding behavior of three whale groups in the market: A: holding 1k–1w ETH; B: holding 1w–10w ETH; C: holding over 10w ETH is the main observation object. These three groups are also the primary chip power of ETH in the current market.

The data shows that whenever these whale groups continuously and massively cash out profits, the market often comes under significant pressure. For example, in March, June, and December 2024, the single-day cash-out scale all reached the $1 billion level. When the market cannot absorb this excess supply in the short term, the price will experience a phased pullback.

On September 18th, the A group (1k–1w ETH) cashed out $1.5 billion in a single day, combined with the B/C groups, the total scale reached $21.5 billion. Currently, these chips have not flowed into CEX addresses, so it is speculated that they may be digested through OTC channels. Whether it will create selling pressure on the market depends on the ability of market makers to take on off-exchange positions. If the off-exchange market cannot fully digest, it will eventually need to circulate within CEX, and therefore, the price of ETH will inevitably be impacted.