Ethereum [ETH] has caught the attention of high-net-worth investors once again, as large entities quietly accumulated hundreds of millions in ETH. On-chain data highlights a series of significant withdrawals from centralized exchanges. According to Lookonchain, Abraxas Capital withdrew 13,771 ETH (worth approximately $36.4 million) from Binance—continuing a trend of consistent accumulation seen over the past two months.
Abraxas Capita withdrew 13,771 $ETH($36.4M) from #Binance over the past 12 hours.https://t.co/vZTxLPd2zq pic.twitter.com/j3jVGwAi2h
— Lookonchain (@lookonchain) June 5, 2025
In another notable transaction, a newly created wallet removed 3,056 ETH valued at $7.96 million from Binance. But perhaps the most impactful move came from a whale linked to blockchain software firm Consensys. As reported by Arkham Intelligence, this entity acquired $320 million in ETH from Galaxy Digital, later transferring the assets to a fresh wallet and staking $120 million via the Liquid Collective.
DID CONSENSYS JUST BUY $300M ETH?
— Arkham (@arkham) June 4, 2025
A whale linked to Consensys just acquired $320 MILLION of ETH from Galaxy Digital.
He transferred it to a new address 0x0b2 where he staked $120M ETH with Liquid Collective. pic.twitter.com/WRtujoGyPv
In total, these three whales amassed $364.36 million worth of ETH—an unmistakable sign of bullish sentiment despite Ethereum’s sluggish price action.
Large Transaction Activity Declines Sharply
Despite these recent bullish acquisitions, overall whale activity in Ethereum has declined significantly. Data from IntoTheBlock reveals a steep drop in large ETH transactions since late 2023. Back when ETH was trading near $3,819, over 65,600 transactions exceeded $100,000 in value. Fast-forward to May 2025, with ETH hovering around $2,590, large transaction volume has plummeted.
Transactions in the $100,000–$1 million range have fallen to 33,900, while those between $1 million–$10 million now sit at 5,800. Deals exceeding $10 million dropped by more than half, from 1,300 to just 590. Currently, total large transactions have declined to just 5,260—a clear sign that many whales are sidelined.
What’s Next for Ethereum?
The return of select whales suggests renewed confidence in Ethereum’s long-term prospects. However, broader whale participation remains subdued, potentially limiting upward momentum. Encouragingly, the Whale Netflow Ratio has dropped to -1.18, indicating more ETH is being withdrawn from exchanges than deposited—typically a bullish sign.
Still, without a broader return of institutional players, Ethereum is likely to continue trading sideways in the short term. Until momentum builds across the board, ETH may lack the buying pressure needed to break out of its current range.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Ethereum Institutional Demand Grows as BlackRock Leads $150M ETF Inflows
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
