Bitmine Immersion Technologies increased its Ether holdings to 5.54 million ETH after acquiring nearly 127,000 tokens over the past week, bringing its treasury to 4.59% of Ethereum’s total supply.

The company said it has now reached 92% of its stated goal of acquiring 5% of Ethereum’s total supply, a strategy it calls the “Alchemy of 5%.” It added that 4.72 million ETH (ETH), or about 85% of its holdings, are currently staked through validator infrastructure, worth roughly $7.7 billion at current prices.

Bitmine projected $230 million in annualized staking revenue from its current staked ETH position, with rewards potentially rising to $270 million if its holdings are fully staked through MAVAN and other staking partners.

Despite the broader crypto market pullback, Bitmine chairman Tom Lee said advances in artificial intelligence could increase demand for public blockchains such as Ethereum (ETH), which he described as a “reliable decentralized” blockchain.

The global crypto market cap stands at $2.19 trillion, according to CoinMarketCap data at time of publication. That’s down from $2.69 trillion on May 9.

As of Sunday, Bitmine held 5,543,872 ETH and 204 Bitcoin (BTC), along with $247 million in cash and equity stakes in Beast Industries and Eightco Holdings.

According to CoinGecko data, Bitmine ranks as the largest Ether treasury company among 32 public entities tracked by the platform. Its 5.54 million ETH holdings are more than six times larger than those of second-ranked SharpLink, which holds 868,699 ETH.

Top Ethereum treasury companies. Source: CoinGecko

Bitmine shares rose more than 6% on Monday following the announcement, though the stock remains down around 38% year-to-date, according to Yahoo Finance data. The company had a market capitalization of about $9.59 billion.

Source: Yahoo Finance

Related: ETH falls to 13-month low on Zcash bug, Bitcoin below $60K: Is $1.4K next?

Ether faces pressure despite Bitmine’s continued accumulation 

It has been a difficult year for Ether, the second-largest cryptocurrency by market capitalization, even as Bitmine aggressively expands its treasury. CoinGecko data shows ETH is down more than 43% year-to-date, falling from above $3,000 in January to about $1,685 on Monday.

Source: CoinGecko

Some large holders have reduced their exposure during the downturn. In May, the Ethereum Foundation sold 20,000 ETH through two over-the-counter transactions worth about $46.8 million combined. The sales followed an earlier 5,000 ETH deal in March, bringing the foundation’s total ETH sold this year to 25,000 ETH.

The cryptocurrency’s weak price performance has also prompted some long-time Ethereum supporters to reassess their investment outlook. In May, Bankless co-founder David Hoffman said he had sold the remainder of his Ether holdings, arguing that the long-standing “ETH is Money” thesis had largely played out.

Hoffman said he remains bullish on Ethereum as a network but believes much of its future growth may not be reflected in the token itself. He said that layer-2 networks and other ecosystem participants capture a significant share of the economic value generated on the blockchain.

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On-chain URPD data and whale activity suggest that Dogecoin is sitting in a high-interest accumulation zone for long-term holders.

Dogecoin (DOGE) has gained a modest 2% on Monday, hovering near $0.086, right above a major support zone. But new fresh analysis shows that the OG meme coin is at a critical structural inflection point.

Long-term technical patterns and on-chain data point to a strong demand area that has historically supported major macro moves.

Demand Zone

According to crypto analyst Ali Martinez, DOGE’s price action has followed multi-year consolidation channels since its launch, where the asset has repeatedly moved through extended ranges that compress volatility and redistribute supply before larger bull cycles begin. At present, Dogecoin is above the $0.081 level, which is the lower mid-range boundary of a five-year parallel channel that has been active since 2021.

Martinez cited on-chain data to explain why this zone is acting as strong support. The UTXO Realized Price Distribution (URPD) is a metric that tracks the price levels at which all circulating tokens were last moved. According to this data, there is a heavy concentration of supply at $0.081, where more than 30 billion DOGE tokens were last transacted. He describes this as a major historical cluster of spot exposure, forming both psychological and structural support at the current price level.

To top that, over the past week, whales have accumulated more than 200 million DOGE tokens, which indicates continued buying interest near this same price zone.

Targets for DOGE

Martinez further outlined a dollar-cost averaging approach instead of trying to time short-term price moves or pick exact bottoms. His framework focuses on building positions gradually across two key levels. The first is $0.081, which aligns with the URPD concentration and the mid-range of the long-term channel. The second is $0.058, which represents the lower boundary of the multi-year channel structure.

He describes two possible scenarios from here. In the first, if the $0.081 level continues to absorb selling pressure, Dogecoin could stabilize and move back toward higher levels within its broader channel, supported by ongoing whale demand. In the second scenario, if broader macro conditions push the price below $0.081 on a weekly close, the structure would move into a deeper valuation phase, following which the next major support sits at $0.058.

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In a separate analysis, Alphractal’s Joao Wedson stated that DOGE is now in a price bottoming phase based on the CVDD Signal that has previously marked major market bottoms.

According to him, every time Dogecoin has approached or briefly traded below this level, strong reversals have followed. He added that the next signal would be triggered if DOGE drops below $0.08.

Maelstrom co-founder Arthur Hayes said he sold his Worldcoin (WLD) holdings just days after his venture capital firm described it as one of the cleanest proxies for the AI investment play. 

“This chart is going in the wrong direction,” said Hayes on X on Saturday, showing a chart for the SpaceX pre-IPO perpetual futures contract, which had fallen sharply.

“Dumped WLD. I’m out. See y’all at the clerb,” he added.

It was only on Wednesday that Maelstrom researcher Lukas Ruppert described Worldcoin as an “overlooked” bet on “AI mega IPOs,” predicting WLD would hit $5 by August.

The investor note led to a short rally for WLD, which topped $0.60 on Friday, but has since fallen back to $0.40 on Sunday as Hayes told his 800,000 X followers that he had exited his position. 

Hayes previously said on X that he would hold WLD through the SpaceX IPO on Nasdaq, which is expected this coming Friday, prompting some to criticize the timing of the sale. 

WLD prices have been extremely volatile over the past week. Source: CoinGecko 

The ‘Holy Trinity is dead’ — or is it? 

WLD adds to the list of crypto assets Hayes has pivoted on despite earlier bullish comments. 

In March, Hayes predicted that Hyperliquid (HYPE) would reach $150 by August and on June 1 said it would “outperform any other current top ten crypto in USD terms from now until year-end,” but sold his entire position in the asset three days later, citing higher energy prices due to the Iran war, “inventory restocking,”  and imminent “mega AI IPOs.”

Related: Hyperliquid bear turns bullish after losing over $46M shorting HYPE

On May 6, Hayes said Zcash would reach 10% of Bitcoin’s price. On June 5, he offloaded his ZEC stash following the discovery of a critical vulnerability in its privacy protocol, claiming that the “Holy Trinity” of HYPE, ZEC, and NEAR was “dead.”

However, Hayes appears to have reversed his position partially. A wallet linked to Hayes bought back around 33,978 HYPE worth around $2 million on Monday, after it had fallen 26% in the wake of his June 4 sale, according to Arkham Intelligence. 

Cointelegraph reached out to Maelstrom for comments but did not receive an immediate response.  

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Strategy is back to buying Bitcoin [BTC] after selling a small part of its holdings last week. Interesting timing, because long-term Bitcoin holders have been seeing much lower profits than before lately.

Needless to say, this puts Bitcoin in a tricky zone.

Strategy adds 1,550 BTC

According to former CEO Michael Saylor’s announcement, Strategy acquired 1,550 BTC for about $101 million. That takes its total Bitcoin reserves to 845,256 BTC.

The purchase came shortly after last week’s sale of 32 Bitcoin. This sale raised too many eyebrows because the company is widely known for steadily accumulating.

Alongside this new purchase, Strategy also increased its USD reserves by $100 million, bringing it to $1 billion.

LTH MVRV falls, long-term holder profits slow down

Again, the timing here is pretty notable because long-term holders have been feeling the heat.

Bitcoin’s Long-Term Holder MVRV ratio dropped to 1.26, according to data from Alphractal. This suggested that this group has been sitting on modest unrealized profits on average.

These readings usually come around difficult phases. In the past, the metric stayed low for weeks or even months before a clearer trend came about. So, this does not guarantee a breakout.

Bitcoin may be moving closer to a buying area, but the market still needs to confirm it.

Bitcoin holds near $63K

At press time, the price chart also revealed why the market is not out of the woods yet. Bitcoin was trading near $63K after a fall, and the short-term trend seemed heavy.

AMBCrypto previously reported that whale activity picked up near the $60K-zone. One large holder bought BTC near $59.7K and later moved it to Binance for a quick profit.

Here, it’s worth noting that quick whale profit-taking can create resistance even when Bitcoin attempts to recover.

The RSI indicated oversold conditions. While that can sometimes lead to a relief bounce, it does not confirm a full recovery.

The MACD was also negative, meaning that the bearish pace hadn’t gone away either.

Final Summary

Strategy added 1,550 BTC worth $101 million.
Bitcoin’s trend retained its weakness as the LTH MVRV fell to 1.26.

TLDR:

Ethereum’s 3-day chart has printed a TD Sequential “9” buy signal after a drop from $2,300 to $1,600.
The TD Sequential signal indicates potential seller exhaustion but does not confirm a full trend reversal.
CryptoQuant data shows ETH exchange reserves across all centralized platforms continue trending lower.
Bulls must defend the $1,600 support zone for ETH to target a recovery toward the $1,800–$1,950 range.

Ethereum’s 3-day chart has printed a TD Sequential “9” buy signal amid a sustained price decline from above $2,300 to near $1,600.

The technical pattern, which tracks nine consecutive bearish candles, points to potential seller exhaustion at current levels.

Meanwhile, on-chain data from CryptoQuant shows exchange reserves across centralized platforms trending sharply lower. Together, the two datasets present a case for a short-term price recovery in ETH.

TD Sequential Flags Possible Trend Exhaustion Near $1,600

Ethereum has been under consistent selling pressure over recent weeks, forming a clear series of lower highs and lower lows.

The decline has been steep, with prices dropping roughly 30% from the $2,300 range to the $1,600 zone. That move reflects broad bearish sentiment across the crypto market during this period.

The TD Sequential indicator works by counting nine consecutive candles that each close lower than four candles prior. When the count reaches nine, the signal suggests the existing trend may be losing strength.

Crypto analyst Ali Charts flagged this development on X, noting a small bullish candle has appeared immediately after the signal printed.

According to Ali Charts, if bulls manage to hold the $1,600 support zone, ETH could recover toward the $1,800–$1,950 resistance range.

That area represents the next logical ceiling based on prior price action. A failure to hold support, however, would likely resume the broader downtrend.

The TD Sequential does not guarantee a reversal. Instead, it marks a point where trend momentum may be weakening.

Traders typically wait for confirmation from subsequent candles before entering positions based on the signal alone.

Exchange Reserve Decline Points to Reduced Selling Supply

On-chain researcher Rei Researcher highlighted a separate but complementary dataset. Based on CryptoQuant’s “Ethereum Exchange Reserve — All Exchanges” metric, ETH reserves across centralized exchanges continue declining after a brief upward recovery. That brief uptick saw some retail investors move coins onto exchanges to restructure their portfolios.

The renewed decline in exchange reserves indicates that available sell-side liquidity is shrinking on order books. When holders withdraw ETH to personal wallets rather than exchange accounts, it reduces the immediate supply available for sale. That dynamic tends to ease downward pressure on price over time.

The dominant outflow pattern seen in the data neutralizes a portion of potential sell pressure sitting on exchange order books.

Rei Researcher noted this as clear evidence that most current holders prefer storage over selling at present price levels. That shift in holder behavior matters because it changes the supply dynamics around the $1,600 support level.

Taken together, the TD Sequential signal and the exchange reserve trend suggest the $1,600 zone carries meaningful technical and on-chain support.

Whether ETH can sustain a recovery remains contingent on broader market conditions and buyer follow-through at current levels.

Ether (ETH) dropped to $1,814 on Wednesday, its lowest in over 14 weeks, raising concerns about whether the ETH/USD pair can stabilize above key liquidity zones near its multi-year lows at $1,800. 

ETH/USD 1-hour chart. Source: Cointelegraph/TradingView

Key takeaways:

Ether fell to a 14-week low near $1,800, with traders warning a breakdown could trigger deeper losses toward $1,200-$1,600.The Coinbase Premium Index hit its lowest level since February, signaling persistent weakness in US spot demand.Spot Ethereum ETFs logged sixteen straight days of outflows.

Ether sits on weak support at $1,800

Ether’s technical structure has weakened after losing support at $2,000 and $2,200. Note that all the major moving averages lie within this zone on the daily chart.

Today, ETH traded as low as $1,814 on Bitstamp, while the daily relative strength index (RSI) fell to 25, its lowest level since Feb. 6, highlighting strong downside pressure and oversold conditions. 

Related: Bitmine buys $52M ETH as Tom Lee says price not yet showing Ethereum’s strength

However, this might also mean that the sellers are losing momentum, suggesting a possible price rebound from current levels, akin to the 39% rebound seen in February.

ETH/USD daily chart. Source: Cointelegraph/TradingView

Traders say Ether’s bullishness hinges on the ETH/USD pair holding above the crucial $1,800 support.

“$ETH almost tapped the $1,800 level today,” analyst Ted Pillows said in a Wednesday post on X, adding:

“This is the last support zone for Ethereum before new lows.”

An accompanying chart revealed that a break below $1,800 would bring areas below $1,700 into the picture.

ETH/USD daily chart. Source: X/Ted Pillows

Additionally, fellow analyst CrypDoMillions said losing $1,800 would send ETH price lower toward $1,600.

ETH/USD daily chart. Source: X/CrypDoMillions

Not all traders had confidence in Ether’s ability to remain above $1,800, with analyst BitFrog saying that “$ETH is on life support” at current levels, adding:

“Bulls better wake up fast. $1,800 looks shaky, honestly.”

The Entity-Adjusted UTXO Realized Price Distribution (URPD) metric, showing at which prices the current set of ETH UTXOs were created, shows that ETH trades above a relatively open zone between $1,800 and $1,250, where there’s less demand.

This means ETH may move more into this range if the sell-off continues, with the downside possibly capped at $1,200. This is where investors acquired more than 1.4 million ETH.

ETH: Entity-Adjusted URPD. Source: Glassnode

Meanwhile, Ether’s cost-basis distribution heatmap shows weak accumulation between $1,200 and $1,800, suggesting a potential pathway toward the lower zone in the short term.

Ether’s Coinbase Premium falls to February levels 

The Ethereum Coinbase Premium Index, which tracks the price difference between ETH on Coinbase and Binance, dropped to -0.16 on May 28, before recovering to -0.13.

A deeply negative premium confirms that the selling pressure is originating from US entities. The last time the metric was this negative was during the early February sell-off when ETH price dropped to multi-year lows at $1,750.

Historically, extreme negative premiums often coincided with capitulation phases, as seen in April 2025 and during the 2022 bear market.

This implies that as long as US investors sell at a discount compared to the global market, the bears remain in control.

Ethereum Coinbase Premium Index. Source: CryptoQuant

“Coinbase Premium has fallen into a notable discount, signaling potential weakness in spot demand,” crypto investor and trader Thomas The Trader said in an X post on Tuesday.

“ETH Coinbase Premium just reached its lowest point since February,” analyst Inoms said in a Monday X post, adding:

“The message is clear: US demand is still weak.”

Weak US demand is also evidenced by heavy outflows from US-based spot Ethereum exchange-traded funds (ETFs). These ETFs have posted outflows for sixteen consecutive days, the longest losing streak since March 2025. 

Investors have withdrawn nearly $847.2 million from these investment products over this period, according to data from SoSoValue.

Spot Ethereum ETFs flows chart. Source: SoSoValue

Coupled with more than $257.3 million in outflows from global Ethereum investment products last week, this points to institutional selling, which will likely continue to put pressure on the price in the near term.

Key takeaways:

Ether derivatives metrics flip to a heavily bearish bias as cascading liquidations cut off a relief bounce. A critical ZCash bug discovered by AI triggers widespread fears of contagion, driving a contraction in Ethereum TVL.

Ether (ETH) plummeted to a 13-month low of $1,540 on Friday, following the bearish trend across the broader cryptocurrency market. Traders now fear a deeper price correction, given weakness in ETH derivatives metrics and heightened risk after a bug was found in the Zcash blockchain.

ETH perpetual futures annualized funding rate. Source: Laevitas

The Ether futures annualized funding rate flipped negative on Friday, indicating increased demand for short positions. Even with ETH trading 67% below its all-time high from August 2025, confidence among bulls has been shattered after $1.28 billion in leveraged longs were liquidated over 5 days.

ETH options premium put-to-call ratio at Deribit. Source: Laevitas

Demand for downside price protection surged as the Deribit ETH options put-to-call premium spiked to 3.7 times on Friday. The indicator has consistently shown excess demand for put (sell) options since Monday. Low conviction among holders fuels uncertainty, giving bears an easy path to take control.

ETH price followed Zcash: Why?

The severe decline in Ethereum network Total Value Locked (TVL) to its lowest since February 2024 has also negatively impacted trader sentiment. Smaller deposits in decentralized applications (DApps) tend to reduce ecosystem revenue, ultimately reducing demand for ETH use in smart contracts.

Ethereum network DApps Total Value Locked, USD. Source: DefiLlama

Some of Ethereum’s top DApps experienced severe TVL contractions, including Spark (-50%), Ether.fi (-49%), EigenCloud (-41%), and KernelDAO (-39%). Part of the exodus from smart contracts can be attributed to a critical vulnerability allowing unlimited ZEC minting in the largest ZCash zero-knowledge pool. The bug was found on May 29 using the Opus 4.8 AI model from Anthropic.

Given that the ZCash bug had existed since 2022 without anyone ever detecting it, traders fear that other blockchains and smart contracts could also be at risk. Advances in AI-driven security failure detection have put investors on high alert, especially after cryptocurrency hacks totaled $630 million in April.

KelpDAO’s $293 million hack and Drift Protocol’s $280 million exploit accounted for 82% of the monthly losses across 25 protocols, triggering panic across the decentralized finance (DeFi) industry. The hacks occurred across multiple networks, including Ethereum, Solana, Base, BNB Chain, Sui and PulseChain.

Percent of ETH supply in profit since they last moved. Source: Glassnode

Currently, only 30% of the ETH supply is profitable relative to when those coins were last moved. This setup has occurred only a few times in history, with the most recent instance being the mid-March 2020 COVID crash. Prior to that, this strong buy signal also emerged in mid-December 2019, preceding a 118% rally within 60 days.

Related: FG Nexus offloads additional $17.8M Ether as losses top $100M

With over $500 million in leveraged ETH long positions liquidated in 48 hours, there are no signs of a relief bounce. The largest Ethereum treasury firm, Bitmine (BMNR US), is sitting on an unprecedented $10.5 billion unrealized loss, as the company holds 4.5% of the entire ETH supply.

ETH could slide further below $1,550 as investor confidence deteriorates following multiple hacks across the DeFi industry and the inflationary bug found in the shielded Zcash protocol.

Arthur Hayes’ investment firm Maelstrom said Worldcoin could surge to as high as $5 per token over the next few months, with WLD acting as a crypto proxy for the AI boom.

“The AI mega IPOs are coming — and it appears the market has overlooked one of the cleanest proxies,” said Maelstrom researcher Lukas Ruppert on Wednesday. 

The AI boom has been in full swing in the US. OpenAI confidentially filed its IPO prospectus with the SEC on May 22, targeting a public debut in September 2026, with the firm aiming to raise $60 billion with a potential valuation of up to $1 trillion. 

Meanwhile, competitor Anthropic confidentially filed its draft prospectus on Monday after announcing on May 28 that it was valued at $965 billion following a fresh $65 billion funding round. 

US stock markets such as the S&P 500 have reached record highs this week, primarily due to a surge in AI and memory storage company shares such as SanDisk, Micron, Seagate and Western Digital. 

However, Ruppert argues that this hasn’t been reflected in the price of WLD, though company purchasing and a change in the token unlock schedule could be catalysts for a rally.

WLD is the native token underpinning Worldcoin, a crypto project co-founded by OpenAI CEO Sam Altman aimed at creating a global digital identity and financial network that can distinguish real humans from AI bots.

Two potential catalysts for WLD price pump

WLD prices have been downtrending since February, with losses accelerating in March following a private sale of tokens. 

Worldcoin raised $65 million via an over-the-counter round in March, selling WLD tokens directly to private investors at a negotiated price, outside of any exchange. Of that amount, $25 million is locked for six months. 

However, to protect themselves against WLD prices dropping before their tokens unlock, buyers hedged by shorting the token on perpetual futures markets in what Ruppert described as a “textbook short overhang.” 

There are two potential catalysts to reverse this mechanical and temporary overhang, he said. 

Eightco (ORBS), a small publicly traded company that has already accumulated 283 million WLD tokens, has around $144 million in cash sitting on its balance sheet. If they use that cash to buy more of the heavily shorted tokens, it could “trigger a reflexive loop,” sending prices higher, he said. 

Secondly, Worldcoin’s unlock schedule, which releases tokens to the market every day, is set to drop by 43% on July 24, which could cut a major source of selling pressure. 

Related: Crypto turns ‘contrarian bet’ as AI stocks draw investor attention: Bitwise

“Capital is aggressively chasing Anthropic and OpenAI exposure,” said Ruppert. Valuations are in the hundreds of billions and trillions, but WLD trades at $2 billion unlocked market cap, “a small cap, when it comes to AI valuations,” he added, labeling it an “asymmetric upside.”

The analyst note comes as WLD is currently the best-performing crypto asset in the top 100 tokens by market capitalization, having surged by around 60% over the past week.

“WLD doesn’t move often — but when it does, it moves aggressively,” he said, with Maelstrom predicting the token will reach $5 by August, a gain of around 900% from its current trading price of $0.50.

WLD has surged over the past week. Source: TradingView

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SEI’s price action is struggling to find support, with the $0.049 level broken. Selling pressure remains strong, and derivatives data show traders turning cautious. At press time, Open Interest (OI) has fallen 7% to $29 million, signaling capital is leaving the market rather than flowing in.

That wouldn’t be a big deal on its own. However, the situation involving bullish traders is the more significant issue.

Bulls are being forced out

Long liquidations have been picking up as SEI struggled to regain momentum. In the last 24 hours only, the network’s long liquidation amounted to $553.2k, which is significant compared to the volume of sellers forced out of the market.

Many traders were positioned for a rebound, but the recent weakness has forced some of those positions to close. As the number of liquidations increases, additional selling pressure is created, making it more difficult for the price to stabilize.

Over the last few sessions, this trend has become increasingly difficult to ignore.

At the same time, participation is fading. The steady decline in OI suggests fewer traders are willing to stay exposed to SEI at current levels. 

Instead of buying the dip, many appear to be waiting for clearer signals before returning to the market. That hesitation is giving sellers room to stay in control.

What comes next for SEI?

Currently, the bears have the upper hand. At the time of writing, the token price action was aggressively trading below the key Exponential Moving Averages (EMAs) supports.

Moreover, falling OI and rising long liquidations rarely form a bullish combination. Unless demand returns and liquidation pressure begins to ease, SEI could remain vulnerable to further downside in the short term.

For now, traders aren’t focused on the next rally. They’re watching to see whether the market can finally find a reason to stop selling. In case the cards turn and bulls accumulate enough momentum, a retracement to fill the imbalance zone at around $0.06 cannot be overruled.

Final Summary

SEI Open Interest dropped to its lowest weekly level following the recent crypto shakedown.
Rising long liquidations are adding pressure as traders abandon bullish positions.

TLDR:

Ethereum (ETH) holds support despite growing short interest clustered above current price levels
Whale activity remains dominant as retail traders stay cautious amid mixed market sentiment
Large liquidity pools above the spot price increase the possibility of a short squeeze event
Whale vs Retail Delta turns higher again, signaling renewed accumulation by larger holders

Ethereum (ETH) price remains range bound as growing short exposure and increasing activity from large holders create tough market conditions for traders.

Ethereum (ETH) Faces Rising Short Squeeze Potential

Ethereum (ETH) has spent recent months trading near the lower end of its broader range, struggling to establish sustained upside momentum.

On the surface, the price structure appears weak, reinforcing a cautious outlook among traders expecting further downside pressure. However, liquidation data is revealing a different narrative beneath current market conditions.

Recent positioning metrics show a substantial concentration of short-side liquidity sitting above the current Ethereum (ETH) price. As those positions accumulate, they effectively build future buying pressure if prices begin moving higher.

A widely circulated market update on X pointed to this imbalance between price action and positioning. According to the analysis, Ethereum (ETH) continues absorbing selling pressure despite persistent bearish bets. 

Market participants often view liquidity as a magnet. In Ethereum’s case, one of the largest liquidity pools remains above the spot price.

The longer the asset maintains support without breaking lower, the greater the pressure becomes on traders positioned for a decline. 

Sentiment remains noticeably more bearish than price performance. Many traders continue positioning for a breakdown, yet Ethereum (ETH) has avoided a decisive collapse. This divergence has become a key talking point among analysts evaluating near-term market structure.

Whale Activity Diverges From Retail Market Behavior

While liquidation data points toward potential volatility, whale activity is presenting another important development for Ethereum (ETH).

Recent Whale vs Retail Delta metrics show large holders maintaining stronger participation levels than smaller traders across much of the market cycle.

Notably, whale dominance remained positive even during periods when Ethereum (ETH) experienced sharp declines from previous highs.

Instead of reducing exposure, larger market participants appeared to increase activity during weakness. This trend contrasts with retail behavior, which often becomes more defensive during uncertain market conditions.

Several of the strongest positive delta readings occurred during periods of market stress rather than during rallies.

Such activity suggests that large investors continued engaging while broader sentiment weakened. More recently, after a brief period of increased retail influence, the metric shifted sharply back in favor of whales.

The analysis noted that larger holders appear increasingly active despite Ethereum (ETH) remaining well below prior cycle peaks. Although price has yet to produce a decisive breakout, positioning data indicate building exposure.