According to data from beincrypto, wallets holding between 100,000 and 1 million ETH have sold more than 1.19 million ETH in just the past three days — a value exceeding $1.8 billion. This aggressive move by Ethereum’s largest holders indicates a clear shift in sentiment, as whales appear to be reducing exposure to limit potential downside.

These sell-offs have added to the existing bearish pressure, pulling Ethereum’s price lower and shaking investor confidence. For many, this signals a growing lack of optimism around ETH’s near-term recovery potential.

MVRV Data Signals Deepening Losses

Adding to the bearish narrative, the Market Value to Realized Value (MVRV) Long/Short Difference — a key profitability indicator — currently sits at a deeply negative -29%. This suggests that long-term ETH holders are holding at a loss, and could be waiting for a more favorable macro environment before re-accumulating.

Meanwhile, short-term holders (STHs) tend to sell quickly when in profit, compounding Ethereum’s volatility and weakness.

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What’s Next for Ethereum?

With whale sell-offs mounting and long-term holders under pressure, Ethereum appears stuck in limbo. A breakout above $1,700 could reignite bullish momentum, but without a major shift in macro conditions or demand from institutional buyers, the path forward remains uncertain.

For now, Ethereum traders will be watching whale activity closely — as any further dumping could drag ETH to lower support levels.

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