Following a market-wide rally spurred by geopolitical developments, cryptocurrency whales have become highly active, executing significant purchases of Ethereum (ETH) and a basket of altcoins. The price action was triggered by an announcement from US President Donald Trump regarding talks with Iran and a five-day pause in operations targeting Iran's energy infrastructure. This news propelled Bitcoin (BTC) above the $71,000 mark, with altcoins following suit in an upward trend.
According to on-chain data from Lookonchain, whale activity has been pronounced. In a concentrated two-hour period, three newly created wallets withdrew a total of 54,763 ETH, worth approximately $118.24 million, from the Binance exchange. One specific new wallet, "0x8315," acquired 10,899 ETH ($23.5 million) in a very short timeframe. Another mysterious whale, identified as "0x04d8," made altcoin purchases worth around $16.06 million from Binance roughly eight hours ago. The portfolio included 43.49 million ENA ($4.07M), 32,872 AAVE ($3.64M), 249,741 AVAX ($2.37M), 595,886 UNI ($2.13M), 8.07 million ONDO ($2.05M), and 1.49 million PENDLE ($1.81M).
However, not all whale activity was bullish. Lookonchain data also highlighted a seller who took a significant loss. An investor with wallet "0x44a1" purchased 2,500 ETH eight months ago at an average price of $3,766 (totaling $9.42 million). This investor recently sold their remaining 2,250 ETH for $4.81 million, realizing a total loss of $4.07 million, or -43%.
Analysts point to a market at a "tipping point" for Ethereum specifically. Analyst Wise Crypto noted that ETH has pulled back about 9% from its March high, with large holders distributing into the rally. This has created a standoff between whale selling and fresh accumulation, putting key technical levels in focus. Support is seen at $2,027, with resistance at $2,148. A break above resistance could reopen upward momentum, while a drop below support may expose ETH to further downside toward $1,928.
Adding to the mixed signals, data from Arab Chain shows uneven regional demand. Ethereum's Coinbase Premium Index sits at approximately -0.0149, indicating stronger selling pressure on Binance compared to Coinbase and suggesting U.S. investors have been less active buyers recently. Despite short-term volatility, longer-term supply dynamics appear bullish. XWIN Research notes that ETH reserves on centralized exchanges have fallen to around 16.2 million coins, the lowest level since 2016, with an additional ~37 million ETH locked in staking, reducing readily available supply.
