Whales Accumulate ETH as ETF Redemptions Weigh on Price

CoinDesk reports that as Ethereum extends its recent decline, on-chain activity shows increasingly aggressive dip buying. Some large-holder wallets are absorbing spot selling, but persistent outflows from Ethereum ETFs are keeping pressure on prices, leaving markets focused on whether these bids can meaningfully offset broader selling. One whale reportedly purchased 35,723 ETH at about $1,563, a bet of roughly $55.8 million. The same address previously sold 60,000 ETH and 9,442 wstETH around $2,040. Separately, another investor borrowed $142 million in USDT through Aave and accumulated 87,680 ETH at an average price near $1,620, suggesting sizable capital still views current levels as attractive despite the downtrend. ETF redemptions remain a key overhang. The report notes that continued withdrawals from Ethereum ETF products have added to market pressure. On-chain metrics show a different backdrop: exchange ETH reserves are near multiyear lows at around 15 million ETH, as some large holders keep moving tokens off exchanges and adding during pullbacks. CoinDesk also highlights leverage risk. The question is not only who is buying, but how durable those purchases are. Spot buying typically signals longer-term intent, while leveraged accumulation can be more sensitive to price swings. In the Aave-funded position cited, a health factor of 1.16 implies liquidation risk if ETH falls to roughly $1,354. Further declines could turn leveraged longs from support into forced selling. Overall, while whale buying has partially countered ETF outflows, the market still needs to determine whether this is steady accumulation or risk building during the downturn.