What will save you, my Ethereum?
TechFlow Selected TechFlow Selected
What will save you, my Ethereum?
Clearing inventory, reducing holdings, selling at a loss—Is ETH facing a "sell-off wave"?
Navigating Web3 tides with focused insightsAuthor: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Ethereum hasn't been doing so well lately.
From unusual rebalancing moves by several veteran crypto institutions to long-"dormant" whale addresses waking up and choosing to reduce their holdings, a chill seems to be sweeping through the ETH market.
More worrying still, this isn't an isolated phenomenon: some institutions are nearing zero holdings of ETH on-chain, spot ETFs continue to see outflows, and on-chain activity has plummeted sharply... Do these signals indicate that Ethereum's ecosystem is undergoing deeper structural changes?
Selling off, reducing positions, exiting at a loss: Is ETH facing a "sell-off wave"?
Ethereum may quietly be experiencing a pullback from so-called "smart money." Multiple established institutions have recently made abnormal adjustments. Galaxy Digital, Polychain Capital, B2C2, Spartan Group, and other well-known crypto VCs have successively deposited thousands to tens of thousands of ETH into exchanges.
Long-dormant Ethereum whales are also gradually "waking up." Some addresses that hadn’t moved in three years—or even as long as ten—have recently sprung into action, transferring large amounts of ETH to trading platforms. Some whales have chosen to exit at a loss, while others have outright liquidated their entire positions without hesitation.
Below is a set of data compiled by ChainCatcher, summarizing the recent volume of ETH deposited into exchanges by certain institutions and whales (incomplete statistics):
By examining the remaining ETH balances in institutional on-chain addresses, it becomes evident that many major VCs now hold relatively low amounts of ETH on-chain. For example, Dragonfly, GSR, and Spartan Group currently hold only hundreds of ETH. More notably, some institutions are approaching near-"empty" positions, with single-digit ETH left in their on-chain addresses.
Below is a table compiled by ChainCatcher showing the current ETH holdings of selected institutional on-chain addresses (Note: Data may contain inaccuracies due to incomplete address tracking or attribution, for reference only):
While institutional on-chain holding data may carry some uncertainty, the actual on-chain transfers and sell-offs are clear and impossible to ignore. Has ETH truly disappointed them? Is this a strategic rebalancing, or a sign of weakening sentiment and eroding conviction?
Let’s take a look at more supporting data.
Network activity plummets, capital outflows intensify
According to The Block, since April 10, both new and active addresses on the Ethereum network have sharply declined. Meanwhile, average Ethereum transaction fees have dropped from $0.86 to $0.63, indicating a significant contraction in network activity.
Data: The Block
Looking at fund flows on centralized exchanges (CEX) and the performance of spot ETFs, the overall trend remains bleak. Ethereum spot ETFs have seen nearly 30 consecutive days of net outflows, reflecting sustained capital withdrawal from the market. At the same time, over the past 14 days, inflows of ETH to CEXs have clearly exceeded outflows, with large volumes of ETH being transferred into exchanges—sending strong signals of selling pressure.
Data from on-chain analyst @ali_charts shows that over the past week, Ethereum whales collectively sold as much as 143,000 ETH, further confirming the ongoing trend of position reductions.
Data: Spot On Chain
The cold wind of the market is quietly blowing toward Ethereum's core. Low sentiment is spreading like a virus, shaking investor confidence, as if a storm has become unavoidable.
Faced with this frosty landscape, is ETH truly doomed to decline? Can it turn things around and rekindle hope? In this moment of crisis, what does Ethereum have left to save itself and regain lost trust?
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
ChainCatcher 链捕手
