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Ethereum Whales Still Holding — No Exit Signs Yet
- In 2021, Ethereum saw a surge in transaction outflows as long-term holders cashed out near cycle highs, but current data shows no significant increase in ETH outflows in 2025.
- Ethereum whales continue to hold onto their assets, indicating confidence in potential upside or a reluctance to prematurely exit despite price volatility and market conditions.
- The decline in Ethereum's market dominance since 2020 has not impacted whale behavior significantly, with whale activity still correlating with Bitcoin's overall price trends.
- Whale behavior on Ethereum serves as a reliable macro indicator for market cycle positioning and broader market sentiment, particularly when divergences emerge between ETH outflows and price movements.
- The absence of significant whale exits amidst a potential double-top structure suggests the possibility of bullish continuation, with major holders showing no signs of profit-taking, although caution is advised if unexpected outflows spike.
- Ethereum's alignment with Bitcoin's future movements is likely to persist given the ongoing correlation in transaction flow behavior between the two cryptocurrencies.
- Overall, while the market structure resembles the 2021 top, current on-chain behavior indicates a more patient and potentially optimistic outlook as Ethereum whales have not started exiting yet.
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