Ethereum Whale Dumps $111.89M in ETH as Price Slides to $2,635

A broad crypto selloff dragged total market capitalization down 3%, according to CoinMarketCap data, with altcoins taking the brunt of the move. Ethereum (ETH) dropped from $2,788 to an intraday low of $2,635 before recovering modestly to $2,692 at the time of writing. The decline hit leveraged bulls hard. CoinGlass data showed more than $96 million in ETH long positions liquidated, while total ETH liquidations reached $114 million, adding to market anxiety. Traders moved quickly to cut exposure, and large holders appeared to join the rush to the exits, deepening downside pressure. Lookonchain reported that an OTC whale sold 42,005 ETH worth $111.89 million, leaving 9,996 ETH valued at about $26.8 million. The wallet had been accumulating earlier in an apparent attempt to ride the recent rally, but its decision to sell after only a few days suggests growing doubts about the move's durability. The selling was not isolated. Whale behavior across the market has shown signs of shifting toward distribution. As previously reported by AMBCrypto, some large holders had been rotating from BTC into ETH, pushing the number of accumulating whales to 211 this week. At the same time, the count of selling whales rose to 219, pointing to a more speculative stance among key players. Exchange flow data is reinforcing that signal. After five straight days of negative readings, Ethereum Exchange Netflow flipped positive, with CryptoQuant showing net inflows rising to 10.6k ETH. The change indicates more supply moving onto exchanges, a pattern often associated with near-term selling pressure as traders position for potential further downside. Whale positioning has historically played a major role in setting market direction for ETH. Recent behavior suggests some large holders are quick to take profits or reduce risk at the first sign of turbulence, complicating the path to a sustained recovery. Still, the rise in accumulating whales offers some counterbalance. Near-term price action may hinge on whether accumulation can outweigh distribution. From a technical perspective, ETH is now watching for a decisive close above $2.7k; holding that level would strengthen the case for a move toward $3k. Final Summary: One Ethereum whale sold 42,005 ETH worth $111.89 million as ETH fell to $2,635. The drop triggered heavy liquidations, with more than $96 million in long positions wiped out.