Ethereum News Today: Ethereum Whales Sell $52M Amid $1.35B Accumulator's Bet on Market Bottom

A whale address transferred 8,920 ETH to Binance at a loss-making price in the past hour, signaling continued pressure on Ethereum's bearish trend according to the report. The transaction occurred as the crypto market grapples with a broader downturn, with Bitcoin falling below $86,000 and Ethereum hitting a four-month low near $2,700. The whale's move follows a pattern of aggressive offloading by large holders, including the sale of 250 WBTC ($21.17 million) at an average price of $84,710-resulting in a $7.948 million loss-over the past 8 hours.

The ETH transfer to Binance appears part of a larger liquidation strategy by institutional players. According to data, a prominent whale has sold 17,497 ETH (worth $52.41 million) at an average price of $2,994.9, incurring a $18.4 million loss. This comes after the same whale accumulated 13,316 ETH during Ethereum's August and September peak, now facing a combined $26.348 million loss in under four months. Meanwhile, another whale-known for borrowing 66,000 ETH has added to its holdings by purchasing 23,995 ETH ($65.13 million) from Binance, pushing its total stash to 489,694 ETH ($1.35 billion). This accumulation contrasts with the broader market's pessimism, as on-chain data shows Ethereum's 30-day price decline of 28% has eroded confidence in digital asset treasuries (DATs).

The bearish sentiment is further underscored by technical indicators. Ethereum's 1D chart shows all EMAs in a downtrend, while the Bull Score Index hit 20-its lowest since 2020-indicating an "extremely bearish" environment. Open interest for ETH derivatives has also dropped to $35.5 billion from $45 billion a month ago, reflecting waning speculative activity. Analysts attribute the selloff to macroeconomic factors, including the Federal Reserve's recent hawkish pivot, which has weakened expectations for a December rate cut.

Ethereum DATs, once seen as safe havens for crypto exposure, are now underwater, with top firms like BitMine and SharpLink facing paper losses of 25-48% on their holdings. BitMine, which owns 3.56 million ETH (2.94% of the circulating supply), has seen a $3.7 billion unrealized loss as its ETH price plummets $1,000 from purchase levels. Market-to-net asset value (mNAV) ratios for most DATs have fallen below 1, raising concerns about liquidity crunches if forced liquidations occur.

The market's fragility is compounded by on-chain activity. Ethereum's 24-hour net outflows reached $415 million, with spot and derivatives data pointing to sustained selling pressure. A bearish fractal pattern resembling 2022's $800 ETH collapse has emerged, suggesting further downside to $2,450 before a potential rebound. Traders are advised to monitor support levels at $2,500 and resistance at $2,800, with any recovery likely hinging on macroeconomic clarity and institutional buying.