- Whale withdrew 15,953 ETH from OKX, moved to Aave, borrowed $15.4M USDT, then returned funds, leading to liquidity concerns.
- ETH trades below 50 and 200 day MAs with a death cross; Bollinger Bands contract, indicating potential breakout or breakdown.
- Despite price drop, holders rose to 107K; A/D line climbing hints at accumulation, diverging from falling open interest.
A series of massive Ethereum (ETH) transactions has raised attention to the market’s next possible move. Crypto analyst Crypto Rover reported that a mysterious whale accumulated 15,953 ETH valued at $26.16 million.
According to data shared by Lookonchain, this whale withdrew the funds from OKX using six separate wallets and later deposited them into Aave. The whale then borrowed 15.4 million USDT from Aave and returned it to OKX.
Whale Activity Fuels Accumulation Speculation
Notably, Spot On Chain noted another major movement from the same whale. According to their report, the whale deposited an additional 20,000 ETH, worth $32.4 million, into Kraken. Despite these large transfers, the whale still holds 30,874 ETH with an estimated $104 million in profit.
These ongoing activities suggest a concentrated effort by a large entity to reshape ETH liquidity across exchanges. The moves also coincide with increased attention on price patterns and support levels.
Price Movement and Technical Indicators
Ethereum’s price had a slight gain, trading at $1,619.82, up by 1.38% on the day. Its daily price had a low of $1,595.56 to a high of $1,660.32. However, the broader trend remains bearish.
Source: TradingView
ETH price is below both its 50 day and 200 day moving averages, forming a death cross. This indicates ongoing downward momentum. The Bollinger Bands also show price trading below the 20 day SMA, reinforcing bearish pressure. The bands are contracting, suggesting low volatility and a potential shift in market direction soon.
On-Chain Metrics Show Mixed Market Signals
While price declines continue, on-chain activity shows mixed sentiment. Daily active addresses have dropped from over 4,000 to about 2,000 since late December 2024.
Source: Santiment
At the same time, open interest has also fallen, from $12.75 billion in January to around $5.93 billion, indicating reduced speculative demand. However, the accumulation/distribution line has steadily climbed since March, reflecting steady inflows despite price drops.
Volume remained moderate, with 171.52K ETH traded. The total number of holders also increased to roughly 107,000, according to Lookonchain data. This steady rise contrasts sharply with price performance, creating differing market outlook.
