Ethereum early holders sold 65k ETH in one week, cashing out $136 million — this number itself isn't shocking, but combined with on-chain data, a more important question is: who is buying?

Lookonchain's monitored address is an early whale that participated in Ethereum's crowdfunding in 2015, with an average selling price of about $2,041.
This price is far below the current market price, but the whale chose to accelerate its exit at a point when ETF net outflows were continuous and the market fear index was at 23, indicating a stark contrast between its judgment and retail investors' bottom-fishing sentiment.
More importantly, this is not an isolated case. Over the past month, multiple early addresses have begun transferring or selling ETH, while the ETH balances on exchanges have not significantly increased — implying that the sell-off may be absorbed through OTC or derivatives markets rather than directly hitting spot.
This covert reallocation of chips often signals trends more reliably than public order books.
Retail investors are buying in fear, while whales are selling in fear.
When active on-chain addresses and new addresses continue to decline, the buying power mainly comes from existing capital playing a game.
ETH's narrative has shifted from "supersonic" to "store of value," but the premise of storage is that someone is willing to hold.
Counter risk: if whales are selling to realize profits temporarily rather than a trend-based retreat, the current price could form a bottom.
But on-chain data does not support a "bottom-fishing" logic — long-term holders' supply is at an all-time high, reflecting a lack of new buyers rather than confidence.
$eth #etf #On-chain data #ai #Blockchain