Ethereum Whales Are Quietly Offloading ETH and the Charts Are Starting to Show It




 Something has been building under the surface in the Ethereum market since October 2025, and it only became clearly visible this week.

A group of mid-tier ETH holders, wallets carrying between 1,000 and 10,000 ETH, have been steadily reducing their positions since hitting a peak of 15.95 million ETH last October. By early May 2026, that same group held roughly 12.52 million ETH. That's a drop of 3.43 million ETH, or 21.5% of their total position, moved out in seven months.

This isn't small-wallet noise. Wallets in the 1,000 to 10,000 ETH range sit between retail and the largest institutional-grade holders. When this cohort shifts from accumulation to distribution, the effect shows up in price eventually.

And it's showing up now.

The aggregated spot CVD for ETH on Coinalyze dropped to -120,202K this week. CVD tracks the real difference between buying and selling on spot markets. That number at -120K means sellers have been controlling spot volume consistently, not just in futures or derivatives, but in actual coin-for-cash transactions.

On the weekly chart, ETH continues to get rejected from the anchored VWAP going back to the 2021 all-time high. That level sits around $2,443. ETH has tested it multiple times and pulled back each time. It now functions as a ceiling that buyers haven't been able to push through.

For ETH to get back toward $3,000, the market would need a fresh wave of institutional demand or meaningful retail participation to absorb what whales have been selling into. That demand hasn't appeared in the data yet.

Traders and holders watching this setup have good reason to pay attention to spot CVD trends over the coming days. If buying pressure doesn't return to offset the distribution, the path of least resistance stays to the downside.

For the full breakdown of the on-chain data, the VWAP chart analysis, and what analysts are saying about ETH's next move, read the complete article on CryptoNewsLive.org.

Read the full story on CryptoNewsLive.org

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