A sudden wave of selling activity among Ethereum whales has triggered fresh concerns in the crypto market. According to data shared by on-chain analytics firm Santiment, over 500,000 ETH was sold in just 48 hours, driving Ethereum’s price down to $1,786. As investors search for new support levels, the growing supply on exchanges is prompting speculation about the potential for a broader correction.
On-Chain Metrics Signal Rising Exchange Supply
Santiment’s April 4, 2025 report highlights a notable reduction in holdings among wallets with 10,000 to 100,000 ETH, suggesting a coordinated sell-off by major players. Supporting this trend, CryptoQuant data shows a parallel increase in Ethereum reserves held on exchanges—a classic indicator of heightened selling pressure.
However, there is a silver lining: the “Exchange Netflow Total” remains below its 7-day average, indicating that while reserves have grown, short-term selling momentum may not yet be at extreme levels.
U.S. and South Korean Demand Weakens
Regional insights from CryptoQuant reveal tepid interest in Ethereum from both U.S. and South Korean retail investors. Furthermore, institutional enthusiasm in the U.S. — particularly regarding ETH exchange-traded funds (ETFs) — appears to be softening.
In derivative markets, open interest (the number of active futures contracts) has declined, which may hint at a potential trend reversal. Yet, the funding rate remains positive, suggesting that traders still lean toward long positions despite recent volatility.
Technical Indicators Remain Neutral, but Bearish Sentiment Lingers
Ethereum’s Relative Strength Index (RSI) and Stochastic Oscillator are both hovering in neutral territory, showing no clear overbought or oversold signals. Despite this neutrality, price action remains pressured, reflecting investor caution.
According to IntoTheBlock, only 40% of ETH holders are currently in profit, while 56% are holding at a loss. This creates a fork in sentiment: will holders sell to minimize further losses, or will they hold for the long term in hopes of recovery?
Investor Behavior Points to Longer-Term Holdings
IntoTheBlock’s additional insights show that 75% of ETH holders have held their positions for over a year, with just 3% being short-term holders (less than one month). The remaining 23% have been invested for 1 to 12 months.
High-value transactions over $100,000 have remained relatively stable, with $24.6 billion in total weekly volume. Still, most technical signals are skewing bearish, suggesting cautious times ahead for Ethereum investors.
As Turkish NY Radio continues to monitor developments across major blockchain ecosystems, ETH’s shifting fundamentals may determine whether the next move is a rebound—or a continuation of the slide.
Source:
Santiment – Whale Tracking and On-Chain Signals
https://santiment.net
CryptoQuant – Exchange Reserve & Regional Analysis
https://cryptoquant.com
