Ethereum whales are maintaining nearly $2.8 billion in stablecoin reserves, suggesting significant buying capacity despite ongoing selling pressure. Large holders remain in profit, but elevated ETH deposits on exchanges could prolong market volatility.
Whales’ Unrealized Gains and Exchange Dynamics
CryptoQuant data shows Ethereum whales’ Net Unrealized Profit/Loss (NUPL) remains above zero, indicating they are still sitting on unrealized gains. However, their profits have not reached the psychological peak levels that typically lead to heavy profit-taking and market dips. The gradual decline in unrealized profits so far does not match prior market cycle tops.
Meanwhile, Ethereum deposits into Binance have sharply increased since late 2024 and remain near recent highs. The Binance User Deposit Address metric stood at 1.12 billion ETH on July 15. Large amounts of ETH on exchanges increase the potential supply available for trading, which could sustain selling pressure even if immediate sell intent is unclear.
According to CryptoQuant, whale holdings in stablecoins like USDT and USDC have climbed to $2.7958 billion. This liquidity provides whales with the flexibility to either support the market through new ETH purchases or to withdraw capital if conditions worsen. The Realized Price of ETH has also risen to around $2,305, signaling that more investors are buying Ethereum at higher prices compared to earlier cycles.
Recent buying activity from large investors was highlighted by accumulation of 82,898 ETH over three days by entities including Bitmine and Abraxas Capital, alongside unidentified whales. Bitmine Chairman Tom Lee and other industry leaders maintain bullish outlooks for ETH, with some projecting price gains of up to 100 times current levels despite bearish market factors.
