ETH whales are setting up conflicting pressures, a mix of building treasuries and selling to lock in profits
Ethereum (ETH) moves forward, driven by two opposing trends. Long-term buyers are positioning with growing treasuries, while sellers still try to lock in profits.
Ethereum (ETH) is still flowing into treasuries, with large-scale whale buying. ETF are also adding to the demand, with up to 117K ETH bought up on the most active days.
The buying did not stop as ETH recovered to levels not seen since 2021. ETH jumped additionally in a late Sunday rally, to trade at $4,320.55, stabilizing at 0.035 BTC.
Even the local price peak has not stopped accumulation from several sources, far exceeding the new token creation from block producers. ETH has an inflation of 0.78% annualized, but at the current rate, the actual supply of available ETH is shrinking fast.
Mysterious whale builds notable treasury
As Cryptopolitan previously reported, a new treasury is taking shape in the past week, with constant buying from both OTC and open market sources. The institution kept buying from its previous commitment to hold 171K ETH.
The same whale added another 49,533 ETH near the recent local top, to hold a total of 221,166 ETH. The ETH is then parked in several connected wallets, with addresses containing between 42,013 ETH and 29,772 ETH.
The treasury is not entirely reflected on-chain among large holders, as the proceeds are not parked in the same address. Currently, the whale has not moved any of the ETH or staked it. The entity is not yet identified, but speculations connect it to the top treasuries of BitMine or SharpLink Gaming.
Corporate buyers are taking a new approach to storing ETH, unlike early buyers or ICO treasuries, which keep all coins on the same address. Security concerns and traceability have also evolved, as ETH becomes a more valuable asset.
On all exchanges, ETH reserves have fallen near an all-time low at 18.89M ETH. At the same time, Binance reserves have been climbing since May, suggesting a mix of whale deposits for trading or deposits to Binance’s liquid staking program.
Over time, Binance has grown its share of liquid staking, with around 8.32% of the market share. Many of the recent treasuries are also considered a source of passive income, as buyers like SharpLink Gaming almost immediately wrap their ETH in liquid staking.
ETH also sees selling pressure
Despite the predictions for a rally to new all-time highs, some of the older whales have chosen to take profits. One ETH ICO participant sold 2,300 ETH, almost divesting the entire initial stake.
An #Ethereum ICO participant who received 20,000 $ETH( cost $6,200, now $86.6M) just sold another 2,300 $ETH($9.91M) 20 minutes ago, leaving him with 1,623 $ETH($6.99M).https://t.co/Rv0RcDPtgH pic.twitter.com/ffxwgXUDEg
— Lookonchain (@lookonchain) August 11, 2025
The Ethereum ICO has appreciated the investment in nominal terms, but still trades near the lower range against BTC. At the time of the ICO, ETH peaked at 0.14 BTC.
The current price range is seen as relatively risky, as whales may start making a plan to realize profits. ETH accumulation remained active at prices under $2,000, but this time around, some large holders may sell a part of their ETH.
The recent market rally also comes with negligible retail buying. Institutions are capable of taking up much more ETH as a way to generate passive income. Retail, on the other hand, can use the DeFi infrastructure to gain a portion of the passive income.
KEY Difference Wire helps crypto brands break through and dominate headlines fast
