Ethereum Whale Makes $100 Million Bet as Prices Approach 2022 Lows

GCW
May 23, 2025
2 min read

On April 19, 2025, a significant event unfolded in the cryptocurrency market as a prominent Ethereum whale purchased approximately $100 million worth of ETH. This move comes at a time when Ethereum's price is nearing its cycle low from 2022, sparking discussions about the future trajectory of the second-largest cryptocurrency.

Key Takeaways:

A whale accumulated 46,577 ETH, valued at $100 million, signaling a potential accumulation phase.
Ethereum's price is currently around $1,604, down 21% for the month and close to bear market lows.
Ethereum ETFs experienced $170 million in outflows in April, reflecting market uncertainty.

Whale Accumulation Amid Price Decline

The recent whale purchase has reignited interest in Ethereum's market dynamics. The whale's acquisition of 46,577 ETH occurred as the cryptocurrency dipped below the $1,600 mark, a level not seen since the lows of 2022. Analysts are divided on whether this indicates a solid base forming or if further declines are imminent.

Analyst Heisenberg noted his bullish stance, having entered ETH near $1,400, and is closely watching for a potential sweep of the 2022 bottom. He emphasized the importance of buying at these lows, suggesting that patience could yield significant returns.

Market Sentiment and ETF Outflows

Despite the whale's bullish move, the overall market sentiment remains fragile. Ethereum's trading volume has dropped by 23% to $10.5 billion, indicating a lack of momentum and capital inflow. This hesitance is further reflected in the performance of Ethereum ETFs, which have seen substantial outflows. In April alone, these funds recorded $170 million in outflows, with a total of over $900 million since January 2025.

The recent geopolitical tensions, particularly the ongoing trade war between the U.S. and China, have contributed to the market's volatility. Investors are cautious, especially with the reintroduction of tariffs impacting risk-on assets like cryptocurrencies.

Technical Analysis and Future Outlook

From a technical perspective, Ethereum is currently in a descending channel, with the Relative Strength Index (RSI) remaining below 42, indicating persistent bearish pressure. However, the price has recently bounced from the lower bounds of this channel, suggesting a potential reversal could be on the horizon.

Traders are closely monitoring key levels, particularly the $1,550 support. A drop below this threshold could lead to further declines, potentially opening the door to prices as low as $1,100. Conversely, maintaining support above $1,500 could signal a bottoming out, allowing for a recovery towards higher levels.

Conclusion

The $100 million whale purchase is a significant indicator of potential bullish sentiment in a market currently characterized by uncertainty and volatility. As Ethereum navigates through these challenging conditions, the focus will remain on key price levels and broader market trends. Investors and analysts alike will be watching closely to see if this whale's confidence translates into a broader recovery for Ethereum in the coming weeks.