The truth of the crypto market is often hidden beneath price fluctuations. While everyone is still debating the rise and fall of K-line charts, another story is being told on the blockchain.

This morning at 9:00, a large transfer occurred on the Ethereum network: a major whale withdrew 89,312 ETH from a well-known exchange, worth approximately $264 million, and transferred it directly to a private wallet. This is no coincidence. Over the past seven days, large investors have accumulated a total of 220,000 ETH, amounting to $660 million.

What’s even more interesting is what the exchange’s Ethereum reserves are indicating. Although there has been recent net inflow, the overall reserves have reached a historic low. This phenomenon is rare; what does it usually imply?

**What are the big players doing?**

On-chain data is clear: addresses holding between 10,000 and 100,000 ETH have increased their holdings by 7.6 million tokens since late October 2025, a 52% increase. And it gets more intense. Some whales, even with an unrealized loss of $8.3 million, continue to buy in at an average price of $3,130, adding 41,767 ETH. Such actions are not minor.

The most critical detail is that these large holders are withdrawing Ethereum from exchanges and moving it into their own wallets. The exchange’s Ethereum reserves have hit the lowest level since 2016. History shows that this pattern often signals an impending market reversal.

**Small retail investors are panicking**

And in stark contrast to this...