On-chain whale trading game delivers a dramatic reversal. According to monitoring by Lookonchain and EmberCN, four days ago, the whale that precisely closed a $398 million ETH long position at a high level—securing a massive profit of $68.47 million—re-entered the market after the price pulled back to go long. It opened 44,000 ETH long positions at an average price of $2,289 (about $100 million), which is widely believed to be associated with Matrixport. This kind of precise “sell high and buy low” swing trading is seen as the top institutions’ recognition of the medium- to long-term value at the current price level.

However, not all large capital follows the price higher. On the morning of April 20, a whale sold 9,765 ETH at an average price of $2,300 (which is $22.46 million), locking in a profit of $2.38 million, and it still retains a core holding of 1,064 ETH. This profit-taking near the $2,400 level shows that some participants do not have enough confidence to break through this resistance level.
Overall, liquidity conditions remain upbeat. Last week (April 13-19), the Ethereum spot ETF recorded about $275 million in net inflows, with BlackRock’s ETH AUM contributing $99.2 million for the week, ranking first. On April 16, there were outflows of $16.7 million from Grayscale’s ETHE, but on Friday—the last trading day—the ETF recorded the highest single-day inflow of $127.4 million for the entire week.
On-chain transaction volume also hit a milestone. On April 12, Ethereum’s daily number of transactions surpassed 3.61 million, reaching a new all-time high. In Q1, base-layer mainnet transaction volume reached 200.4 million transactions, up more than 100% year over year. Network activity is far more active than valuation levels, and the divergence between fundamentals and price continues to deepen. $ETH ‌