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New Whale Address Moves $285M In Ethereum: Channels Funds To Coinbase Staking

New Whale Address Moves $285M In Ethereum: Channels Funds To Coinbase Staking

Sebastian Villafuerte
by Sebastian Villafuerte
2 weeks ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is on the brink of reclaiming its all-time high, after setting a fresh multi-year peak at $4,792. Bulls remain firmly in control, driving momentum as Bitcoin pauses in a consolidation range. This stall in BTC’s advance has created room for altcoins to shine, igniting a broad bullish phase across the market.

Related Reading: Ethereum Holds Strong as Price Absorbs Market Maker–Induced Volatility

Institutional demand continues to play a pivotal role in Ethereum’s rally. On-chain data shows a steady accumulation by large investors, with wallets linked to major institutions and funds consistently adding to their holdings. This buying pressure is reinforced by a tightening supply dynamic — ETH balances on exchanges and over-the-counter (OTC) desks are rapidly declining, reducing the amount of coins readily available for sale.

The combination of shrinking supply, strong investor confidence, and a favorable macro backdrop has put Ethereum in a prime position to challenge its previous highs. Market participants are closely watching the $4,800–$4,900 range as a critical resistance zone. A breakout above this level could set the stage for new price discovery and accelerate the altcoin market’s bullish momentum.

Ethereum Whale Activity Signals Confidence Ahead of Potential Altseason

According to blockchain intelligence firm Arkham Intelligence, Ethereum has just witnessed one of its largest single whale transactions of the year. A newly created wallet withdrew 60,000 ETH — valued at approximately $284.76 million — from Coinbase Prime last night. The entire sum is now being staked, signaling a strong long-term commitment to holding and securing the network.

Mysterious Whale Buys $285M in Ethereum | Source: Arkham Intelligence
Mysterious Whale Buys $285M in Ethereum | Source: Arkham Intelligence

Further analysis shows that the whale has already moved 3,200 ETH (worth $14.75 million) into four separate wallets. Notably, one of these wallets has deposited its share directly into Coinbase Staking, confirming that this is not a speculative short-term trade but rather a deliberate accumulation and yield-generation strategy. The wallet address, 0x697D8eFb007Ec5CCAC0C67290D545b916348480B, is now on the radar of market watchers.

Analysts suggest that such large-scale staking activity is a bullish signal for Ethereum’s price trajectory. By locking up a substantial amount of ETH, this whale effectively removes significant liquidity from the market, potentially tightening supply during a period of strong institutional demand.

Some market experts believe Ethereum could become the primary catalyst for a broader altseason in the coming weeks. With Bitcoin consolidating near record highs, capital rotation into high-quality altcoins — led by ETH — could ignite a fresh wave of market enthusiasm, pushing the sector into a more aggressive bullish phase.

Related Reading: Bitcoin NUPL Points To Prolonged Bull Market Structure: Third Peak Forming?

Price Action Details: Weekly Chart Analysis

Ethereum (ETH) continues its impressive rally, closing the week with a strong gain and pushing to a multi-year high near $4,792, just shy of its all-time high. The weekly chart shows a steep upward trajectory over the past month, with ETH breaking through key resistance levels at $3,200 and $4,000 with little hesitation.

ETH testing resistance below price discovery levels | Source: ETHUSDT chart on TradingView
ETH testing resistance below price discovery levels | Source: ETHUSDT chart on TradingView

The 50-week moving average (blue) has crossed decisively above the 100-week MA (green), signaling strong bullish momentum. Price action remains well above the 200-week MA (red) at around $2,443, underlining the strength of the current uptrend. Volume has also spiked notably during this rally, indicating that buying pressure is supported by solid market participation rather than thin liquidity.

Related Reading: Ethereum Fortune Locked Away: Early ICO Buy Now Worth Over $1B

However, the sharp vertical move suggests overextended short-term conditions, raising the risk of a pullback or consolidation before the next leg higher. As long as ETH holds above the $4,200–$4,300 support zone, the bullish structure remains intact, with traders eyeing a potential breakout into uncharted territory.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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