In the past two months, approximately 60 addresses holding at least 10k ETH have liquidated their positions, coinciding with a large influx of funds into exchanges during the same period, indicating institutional-level profit-taking and risk rebalancing. This is not an isolated phenomenon; since Ethereum approached $4,000 in July 2025 and hit a record high in August, the market has entered a phase of high-level consolidation and structural divergence.

It is worth noting the scale and synchronicity of the current whale exits. In June 2025, the market focus was on the "$1.8 billion short whale on the brink of liquidation," but now the sentiment has shifted to different entities holding millions of dollars in positions collectively exiting within a short window. This shift from betting against to profit-taking collectively reveals more about internal capital expectations than mere quantity reduction.
On May 20, according to analyst Alicharts, about 60 whale addresses holding at least 10k ETH have liquidated their positions in the past two months.
Alicharts states that when different entities holding millions of dollars exit the network within such a short time frame, it usually signals institutional profit-taking and asset reallocation. These major players are leveraging recent liquidity to reduce risk, reflecting a clear lack of confidence in the medium-term outlook.
Furthermore, the decrease in whale numbers perfectly aligns with the recent large inflows of funds into exchanges. Data shows that the path of least resistance in the short term still points downward. Therefore, attention should be paid to the $2,000 support level for Ethereum. $ETH
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