Wall Street Sells Ethereum While Whales Keep Accumulating

A Split Strategy in the EthereumETH-5.41% Market

Ethereum (ETH) dropped 13.98% over the past month. Crypto markets remain highly volatile.

Past performance of digital assets is not a guarantee of future results. You can monitor live market data at Bitkub.

Major market participants are currently taking completely opposite paths. Traditional institutional investors are pulling capital out of US-listed spot Ethereum ETFs. At the same time, massive crypto buyers, often called whales, are accumulating significant amounts of ETH.

Wall Street Funds Continue Their Exit

Institutional investors are pulling back from spot Ethereum funds. Last week alone, US Ethereum ETFs lost $365.3 million.

This marks six straight weeks of net outflows. The streak began during the week ending October 2.

Data from SoSoValue shows these products shed about $2 billion over those six weeks. Cumulative net inflows dropped to $11.92 billion from a peak of $15.09 billion.

Crypto Whales Accumulate Thousands of ETH

While institutional funds sell, blockchain trackers show large private wallets moving heavily into Ethereum. Three major wallets recently added approximately 35,350 ETH.

• Wallet 0xFD10: On November 9, this wallet borrowed 22 million USDT from the AaveAAVE-1.88% platform. It spent $21.55 million to buy 10,000 ETH at an average price of $2,155.
• Wallet 0x4AB7: Also on November 9, this new wallet withdrew 3,500 ETH from Binance. This brought its weekly withdrawal total to 16,577 ETH. Analyst EmberCN estimated an average cost of $2,304 on its first 9,777 ETH.
• Wallet 0x32c6: Two days prior, on November 7, this address spent 19.7 million USDT to acquire 8,773.5 ETH at roughly $2,245 per token.

Treasury entity BitMine also expanded its holdings. As of November 1, BitMine reached 6,060,506 ETH, putting it close to its 5% total supply goal.

Exchange Supply Continues to Decline

Data from CryptoQuant highlights a broader trend of coins leaving crypto exchanges.

Exchange reserves fell to 14.62 million ETH, down from nearly 16.9 million ETH in early January.

Lower exchange balances typically mean fewer coins are immediately available for sale. However, coins used as collateral for loans can still enter the market if liquidations occur.

Ethereum Technical Levels and Potential Scenarios

Ethereum is currently trading around $2,140.08, down 4.25% in the last 24 hours.

On November 8, ETH closed below its key $2,200 support level. This move broke a rising trend line that had held since late June.

Analysts suggest two possible scenarios depending on market conditions:

• Downside Scenario: If ETF outflows continue and ETH fails to hold key high-timeframe support near $2,100, technical patterns indicate a potential decline toward $1,754 (the 0.786 Fibonacci retracement level). This would increase paper losses for recent whale entries bought between $2,155 and $2,304, potentially putting pressure on borrowed positions.
• Upside Scenario: If institutional selling slows down and buyers manage to push prices back above $2,200, a daily close above $2,439 (the 0.618 Fibonacci level) could reopen a path toward $2,500.

For now, crypto whales are establishing positions at price levels that institutional investors on Wall Street continue to sell.