• Two whales accumulate 4,500 ETH, totaling over $7M in exchange withdrawals.
• Wallet 0xd81E now holds 48,477 ETH despite $21M in unrealized losses.
• Glassnode MVRV band signals $1,367 as a strong historical accumulation level for ETH.

Ethereum is seeing renewed whale activity, with major wallets withdrawing over 4,500 ETH from exchanges. Despite recent losses, accumulation continues, while on-chain data points to $1,367 as a key historical accumulation level based on the MVRV pricing bands.

According to on-chain data, two whale wallets withdrew a total of 4,500 ETH ($7.36 million) from Gate.io and Binance in the past day. Wallet 0xd81E, which has been active since mid-February 2025, withdrew 1,900 ETH (around $3.1 million) from Gate.io.

This wallet has accumulated 48,477 ETH, worth $100.35 million since February 15. However, the aggressive buying has not prevented the wallet from suffering an unrealized loss of about $21 million.

Wallet 0x3bd2, a second whale, also made a move after a year, withdrawing 2,600 ETH from Binance, which is about $4.26 million. Even in the face of market uncertainty and low short-term momentum, these transactions represent growing accumulation behaviour by large investors.

According to data from Lookonchain, these inflows were confirmed, and the Gate.io wallet activity has been consistent in the last few weeks, indicating that it is not short-term trading but long-term intent.

Conversely, Ethereum’s performance has been mixed while whales are accumulating. CryptoMichNL shares a chart showing a correlation breakdown between Ethereum and gold. With gold’s price continuing to rise to $3,472.15 per ounce, Ethereum’s price, compared to gold, has fallen.

This is notable because Ethereum has historically done well during gold consolidation phases and when market participants rotate back into risk on assets. The chart shows that Ethereum may be approaching oversold conditions as per the RSI (Relative Strength Index). But this is not yet shown in the ETH/USD price chart.

‘Gold up = ETH down’ is the observation made by the analyst, which implies that the current market behaviour is more inclined towards safety than risk, and the downward move of Ethereum could be a result of the general macro caution rather than any specific Ethereum-related concern.

Moreover, historical support for the current Ethereum price range is provided by on-chain data from Glassnode. Currently, Ethereum’s price falls within the MVRV (Market Value to Realized Value) pricing bands at $1,588.30. However, the -1.0 standard deviation MVRV band, which has acted as a key accumulation point in the past, now resides at $1,367.00.

Throughout the past market cycles, it has been a good entry point when ETH’s price fell below this level. Ethereum’s price spent a few weeks below this lower band in late 2018 and mid-2022, and both instances were followed by strong long-term price recoveries.

ETH’s realized price is currently $1,981.34, which is the average cost basis of all coins in circulation and indicates most investors are still in profit. This can act as a potential psychological floor, as long as price trends continue to line up with past cycles.

Whale accumulation combined with Ethereum’s current position within the MVRV bands may indicate. That the market is entering a longer-term accumulation phase. The historical trend is that when prices fall closer to $1,367. Large holders tend to increase their positions, expecting a recovery.

This matches current whale behaviour, as recent withdrawals have been of a size. And timing that would be expected of whales. It is also a sign of high conviction or at least a long-term strategy. That one wallet is holding through a $21 million unrealized loss.

Even more buying interest from whales and retail investors could be attracted to a move closer to $1,367. However, at the same time, if ETH is able to maintain above $1,500 without testing lower bands. It could mean that accumulation has already started.

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only. And they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.