Ethereum Whales Rebuy as Exchange Reserves Drop
Large ETH holders rebought after last week’s crash: one wallet sold 60,000 ETH near $2,040 then repurchased 60,088 ETH and 10,000 wstETH near $1,606 as exchange reserves fell ~475,000 ETH.
Large Ethereum holders increased purchases after last week’s price decline. A wallet that sold 60,000 ETH near $2,040 before the drop later repurchased 60,088 ETH and 10,000 wrapped staked ETH (wstETH) at about $1,606 and added 611 WBTC at roughly $63,280, according to blockchain-tracking data.
Ethereum fell more than 16.8% over the seven-day period and slipped below $1,600 on Friday. The token recovered slightly on Monday and traded near $1,664 at the time of reporting.
Other sizable on-chain moves took place in early June. A wallet reportedly linked to investor Chun Wang withdrew 17,560 ETH, about $28.7 million, from Binance. Cohort analysis of large addresses showed those holding 1 million to 10 million ETH increased their combined balance to about 6.89 million ETH, adding roughly 290,000 ETH in the first week of June. By comparison, addresses holding 10,000 to 100,000 ETH reduced their combined holdings to about 26.87 million ETH in the same period.
Balances of ETH held on centralized exchanges also fell in the opening days of June. Tracked reserves on Binance, OKX, Gemini and Bitfinex declined by roughly 475,000 ETH, with Binance recording an outflow near 190,000 ETH between June 4 and June 7.
Analyst Amr Taha wrote, “A reserve decline across several major exchanges can point to tighter available ETH liquidity on centralized platforms, especially if it continues while spot demand improves.”
The recent transactions involved ETH, wrapped staked ETH (wstETH) and wrapped Bitcoin (WBTC). Large repurchases and withdrawals from exchanges reduce the amount of ETH immediately available on trading platforms and alter on-chain supply balances.
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