Ethereum Whales Maintain Solid Positions Despite Price Drop

• Whales hold ETH despite price drop
• On-chain activity indicates confidence in Ethereum
• ETH flow follows correlation with Bitcoin

Ethereum is trading down this Monday (23), trading at US$ 2.236,68, with a depreciation of approximately 2% in the last 24 hours and 13% in the last 7 days. Even with the negative pressure on prices, large investors — known as whales — continue to maintain their positions solidly, with no signs of mass liquidation.

While Ethereum's current technical structure is reminiscent of the double top pattern seen in 2021, recent data from CryptoQuant point that these whales remain inactive when it comes to significant ETH outflows. This behavior contrasts with the previous bull cycle, when the market saw a significant increase in withdrawals just before a price pullback.

During 2021, as Ethereum approached its all-time highs, there was a growing volume of outflows from large wallets, which served as an important warning sign for the market. However, in 2025, even with the recent drop, this pattern has yet to repeat itself.

Ethereum dominance declines, but whale behavior remains relevant

Ethereum’s market dominance has continued to decline since 2020, partly due to the rise of other L1 and L2 networks such as Solana, Avalanche, Arbitrum, and Base. Despite this, Ethereum whale activity remains one of the leading macro sentiment barometers in the cryptocurrency market.

The movement of these large holders remains strongly correlated with Bitcoin’s performance, which reinforces the importance of monitoring these flows to anticipate possible trend changes. So far, on-chain data continues to point to a retention stance on the part of the largest investors.

Impacts on the cryptocurrency market

The lack of significant exits, even in the face of a potential double top formation, reinforces the possibility of a continuation of the uptrend. As long as whales remain with their positions intact, the market avoids major signs of profit-taking.

Continuously monitoring these on-chain metrics can provide important signals about the next price movement, especially considering the strong correlation between Ethereum and Bitcoin flows.