Ethereum Whales Still Holding — No Exit Signs Yet

Ethereum

Ethereum Whales Still Holding — No Exit Signs Yet

Despite Ethereums current market structure resembling the double-top pattern of 2021, a new report from CryptoQuant indicates that large-scale investors (whales) have not begun exiting their positions — a notable contrast to what occurred in the final stages of the previous bull cycle.

In 2021, as Ethereum approached cycle highs, there was a sharp increase in transaction outflows, signaling that long-term holders were cashing out. This was a major red flag at the time — but todays data tells a different story.

According to CryptoQuant:

• There has been no comparable uptick in ETH outflows in 2025.
• Whales remain on-chain, holding onto their Ethereum despite price volatility.

This suggests confidence in further upside or a reluctance to exit prematurely amid macro and ETF tailwinds.

Ethereums Dominance Declines, But Signal Still Relevant

While Ethereums market dominance has declined since 2020 due to the rise of competing L1 and L2 chains (such as Solana, Avalanche, Arbitrum, and Base), whale behavior on Ethereum still shows a strong correlation to Bitcoins broader price trends.

In other words, Ethereum whale activity continues to be:

• A reliable macro indicator of market cycle positioning
• A signal for broader market sentiment, especially when divergence appears between ETH outflows and price action.

What This Means

The absence of whale exits in the face of a potential double-top structure suggests:

• Bullish continuation is still possible, as major holders are not showing signs of profit-taking.
• Caution is still warranted, especially if future outflows begin to spike unexpectedly.

Ethereum could remain aligned with Bitcoins next move, given the continued correlation in transaction flow behavior.

Conclusion

While market structure resembles the 2021 top, the on-chain behavior tells a more patient, possibly optimistic story. Ethereum whales arent heading for the exits — yet.