On-chain data reveals the structural reshuffling behind the pattern of “retail investors exiting while large whales take the other side”: Retail investors (wallets holding 1k–10k ETH) sold a total of 1.5 million ETH over the past two weeks, yet withdrew about 300k staked ETH during the same period. However, within four trading days from April 1 to April 4, mega whales accumulated more than 140k ETH—about $322 million. Buying interest moved up from the $2005–2100 range in early April to $2250–2300.



BitMine’s holdings surpassed 5.18 million ETH (4.29% of the total supply). More than 84% of its holdings are staked, bringing in an annualized income of $297 million. It also received two OTC transfers from the Foundation, totaling 20k ETH, valued at approximately $47 million based on current prices.

On May 1, ETFs saw a single-day net inflow of $101.2 million that reversed the prior weak trend. BlackRock’s ETHA received $43.2 million, while Fidelity’s FETH received $49.4 million.

Structural signals: The whales that entered earlier are paying high premiums to build positions, while retail investors are selling out in panic. Under the catalyst of the Glamsterdam upgrade, off-exchange capital has already started a “silent pricing” mode.

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