Ethereum whales have been ramping up accumulation, with on-chain data revealing substantial withdrawals from major exchanges. According to Lookonchain, two newly created wallets withdrew 20,000 ETH (approximately $37.72 million) from Coinbase Prime on July 17 alone. Over the past three days, a total of 89,396 ETH — valued at roughly $164.88 million — has been moved out by seven fresh wallets, signaling a clear trend of large-scale accumulation.
In a parallel development, institutional player Abraxas Capital has been actively adding to its Ethereum holdings, withdrawing 8,452 ETH (around $16 million) from Binance and Bybit in just five hours. This move highlights growing interest from notable entities, potentially positioning themselves ahead of anticipated ecosystem developments.
Such aggressive accumulation often correlates with upcoming bullish price action, as whales typically move assets off exchanges to hold long-term. While the broader crypto market exhibits mixed signals, the sheer volume of ETH being drained from exchanges points to renewed confidence among large investors. Traders will be closely watching whether this trend translates into sustained upward momentum for Ethereum.
