Ethereum sideways as whale buying offsets retail selling pressure
Large investors accumulated significant holdings while smaller wallet holders sold, creating mixed on-chain signals and limiting upside momentum.
Ethereum remained rangebound on Tuesday as accumulation by large wallets was counterbalanced by selling among smaller investors and weak institutional demand.
Whales holding between 10,000 and 100,000 ETH added a net 130,000 ETH over the past week—the cohort's first substantial inflow in almost three weeks. However, smaller wallet cohorts sold far more. Wallets holding 1,000 to 10,000 ETH reduced their combined balance by approximately 230,000 ETH, while those holding 100 to 1,000 ETH sold roughly 130,000 ETH. The two smaller groups together recorded net outflows nearly three times the amount accumulated by whales.
On-chain metrics underscore investor hesitation. Ethereum's Spent Output Profit Ratio hovered between 0.98 and 1.01, suggesting many holders exited positions near their purchase prices rather than waiting for a sustained recovery. Exchange Netflow data showed modest improvement—rising from approximately -34,000 ETH to -4,000 ETH since mid-July—yet remained negative overall, indicating withdrawals were still outpacing deposits.
Geopolitical tensions and the Federal Reserve's moderately hawkish stance appear to be weighing on sentiment. The cryptocurrency market is simultaneously experiencing some of its lowest trading volumes since November 2023, reflecting investor reluctance to commit capital to a clear directional move.
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