The market's focus is on a series of whale sell-offs. On-chain monitoring shows that a leveraged ETH long whale address has sold another 5,000 ETH, worth approximately $14.7 million. As a result, this whale has recently sold a total of 40,621 ETH, valued at up to $118.5 million, with an average selling price around $2,917.

Such large-scale, sustained sell-offs are typically interpreted as "deleveraging" or profit-taking. This directly injects significant selling pressure into the market and may undermine short-term bullish confidence. This behavior also confirms the recent analysis indicating that whenever the price rebounds to the $2900-$3000 range, it encounters selling rather than accumulation. The whale's actions suggest that some large funds consider the current price levels as an appropriate window for reducing positions or exiting.